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Corporate Profile
STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE SUMMARY AUDITED
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020
CONSOLIDATED AND SEPARATE STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION
In millions of Nigerian Naira GROUP BANK In millions of Nigerian Naira GROUP BANK
2020 2019 2020 2019 As at 31-Dec-2020 31-Dec-2019 31-Dec-2020 31-Dec- 2019
Interest income 427,862 404,830 274,975 307,433 ASSETS
Interest income on amortised cost and FVOCI securities 422,655 390,304 269,918 292,907 Cash and bank balances 1,874,618 1,396,228 1,436,822 1,182,554
Interest income on FVTPL securities 5,207 14,526 5,057 14,526 Financial assets at fair value through profit or loss 214,400 102,388 171,058 102,388
Interest expense (168,395) (182,955) (116,748) (156,580) Derivative assets 53,148 48,131 53,148 48,131
Net interest income 259,467 221,875 158,227 150,853 Loans and advances to banks 77,419 108,211 65,058 99,849
Loans and advances to customers 2,554,975 2,061,147 1,812,536 1,503,380
Impairment charge for credit losses on Loans
Net impairment charge on other financial assets
(22,443)
(4,566)
(16,336)
(1,916)
(14,146)
(7,718)
(14,695)
(1,674)
To beInvestment
the undisputed
securities
Net interest income after impairment charge on financial 232,458 203,623 136,363 134,484 leading
income
and dominant
- Debt instruments at fair value through other comprehensive 1,421,527 901,048 1,233,684 772,658
assets.
financial services
Our Vision
- Debt instruments at amortised cost 1,159,264 670,502 71,479 73,556
Fees and commission income 126,943 110,561 58,802 59,136
Fees and commission expense
Net trading and foreign exchange income
(44,335)
59,450
(30,557)
37,627
(28,660)
40,266
(22,556)
19,081
institution
Other assets
in Africa.
Investment in equity-accounted investee
115,432
4,504
139,885
4,143
96,524
2,715
111,607
2,715
Other operating income 6,120 6,787 7,433 20,950 Investment in subsidiaries - - 103,275 103,275
Employee benefit expenses (87,545) (75,099) (47,178) (43,774) Property and equipment 153,191 128,499 123,435 107,448
Depreciation and amortisation (20,005) (15,490) (15,036) (11,772) Intangible assets 28,900 17,671 16,237 7,070
Other operating expenses (142,297) (126,578) (93,630) (85,486) Deferred tax asset 40,602 43,054 21,862 21,862
Share of profit of equity-accounted investee 1,071 413 - - TOTAL ASSETS 7,697,980 5,620,907 5,207,833 4,136,493
Profit before income tax 131,860 111,287 58,360 70,063 LIABILITIES
Income tax expense (18,095) (22,198) (1,449) (7,313) Deposits from banks 418,157 267,070 121,815 92,717
Profit for the year 113,765 89,089 56,911 62,750 Deposits from customers 5,676,011 3,832,884 3,824,143 2,764,388
Derivative liabilities 508 852 508 852
OTHER COMPREHENSIVE INCOME Other liabilities 157,827 107,255 93,669 57,150
Items that will be reclassified to the income statement
Current income tax payable 9,982 9,164 1,478 722
Foreign currency translation differences 37,926 (12,958) - -
Borrowings 694,355 758,682 688,280 744,094
Fair value changes on investments at fair value through other
comprehensive income(FVOCI) 5,102
To44,942
be a role5,044
model
44,914
for African
Subordinated liabilities - 30,048 - 30,048
Net amount transferred to the income statement (10,577) businesses

(5,893) (10,492) by creatingTOTAL
(5,893) superior
Deferred tax liability
LIABILITIES
16,992
6,973,832
16,974
5,022,929 4,729,893
-
3,689,971
-
32,451 26,091 (5,448) 39,021

Items that will not be reclassified to income statement value for all stakeholders, EQUITY abid-
ing9,259by the utmost professional and
Our Mission
Fair value changes on equity investments designated at FVOCI 10,875 10,875 9,223 Share capital 17,100 17,100 17,100 17,100
Other comprehensive income 43,326 35,350 5,427 48,244
Total comprehensive income for the period 157,091

ethical
124,439
standards,
62,338 110,994
and building
Share premium
Retained earnings
an 98,715
255,059
98,715
184,685
98,715
95,480
98,715
90,090
Profit attributable to : enduring institution. Other reserves 324,194 278,073 266,645 240,617
Owners of Parent 109,327 86,220 56,911 62,750 EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 695,068 578,573 477,940 446,522
Non-controlling interest 4,438 2,869 - - Non-controlling interests 29,080 19,405 - -
Profit for the period 113,765 89,089 56,911 62,750
TOTAL EQUITY 724,148 597,978 477,940 446,522
Total comprehensive income attributable to:
TOTAL LIABILITIES AND EQUITY 7,697,980 5,620,907 5,207,833 4,136,493
Owners of Parent 147,416 124,173 62,338 110,994
Non-controlling interest 9,675 266 - -
Total comprehensive income for the period 157,091 124,439 62,338 110,994
The consolidated and separate financial statements were approved by the Board of Directors on 26 January 2021
Earnings per share for the period and signed on its behalf by:
Basic and diluted earnings per share (Naira) UBA is “Africa’s Global Bank” 3.20 2.52 1.66 1.83
providing Commercial
Ugo A. Nwaghodoh
Banking, Kennedy Uzoka
PensionFRC/2012/ICAN/00000000272
Custody
Group and Related
Chief Finance Officer Group Managing Director/CEO
FRC/2013/IODN/00000015087
Tony O. Elumelu , CON
TO THE MEMBERS OF UNITED BANK FOR AFRICA PLC
Financial Services to its over
REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
25 Board of Directors
Chairman,
FRC/2013/CIBN/00000002590
Report on other legal and regulatory requirements
Report on the summary interim consolidated and separate financial statements

million corporate, commercial and
In accordance with the requirement of Schedule 6 of the Companies and Allied Matters Act,2020, we
confirm that:
Who we are
Opinion
retail customers, served through

The summary consolidated and separate financial statements, which comprise the summary consolidated i. We have obtained all the information and explainations which to the best of our knowledge and belief
andseparate statements of financial position as at 31 December 2020 and the summary consolidated Reports on the Resolution of Customers’ Complaints
were necessary for the purpose of our audit;
and separate statements of profit or loss and other comprehensive income are derived from the audited
consolidated and separate financial statements (the “audited financial statements") of United Bank for Africa ii. In our opinion, proper books of account have been kept by the Group and the Bank, in so far as it appears Below is a breakdown of Complaints received by the Bank for the year ended 31 December 2020 pursuant to CBN circular dated August 16, 2011
robust physical and electronic

Plc ("the Bank") and its subsidiaries (together the “Group”) for the year ended 31 December 2020. from our examination of those books;
In our opinion, the accompanying summary consolidated and separate financial statements are consistent, iii. The Group’s and the Bank's consolidated and separate statements of financial position and consolidated
in all material respects, with the audited consolidated and separate financial statements in accordance with and separate statements of profit or loss and other comprehensive income are in agreement with the Description Number Amount claimed Amount refunded
No. 6, 2011 and Central Bank of Nigeria circulars.

touch-points.
International Financial Reporting Standards and the relevant provisions of the Companies and Allied Matters
Act, 2020, the Banks and Other Financial Institutions Act, 2020, the Financial Reporting Council of Nigeria Act
books of account.
iv. In our opinion, the consolidated and separate financial statements have been prepared in accordance
with the provisions of the Companies and Allied mattes Act, 2020 so as to give a true and fair view of the
Pending Complaints B/F 911
(N'million)
349
(N'million)
-
Summary financial statements state of affairs and financial performance of the Bank and its subsidiaries.
The summary consolidated and separate statements of financial position and summary consolidated and Received Complaints 7,698 39,052 3,725
separate statements of comprehensive income do not contain all the disclosures required by the International In compliance with the Banks and Other Financial Institutions Act, 2020 and circulars issued by
Financial Reporting Standards and the relevant provisions of the Companies and Allied Matters Act, 2020, the Central Bank of Nigeria:
Banks and Other Financial Institutions Act, 2020, the Financial Reporting Council of Nigeria Act No. 6, 2011 and
Unresolved Complaints 7,563 6,839 $54,178
Central Bank of Nigeria circulars, applied in the preparation of the audited consolidated and separate financial Insider related credits are disclosed in the consolidated and separate financial statements in compliance
statements of the Group and the Bank. Reading the summary consolidated and separate financial statements with the Central Bank of Nigeria circular BSD/1/2004. Unresolved Complaints Escalated to CBN 48 1,062 -
and the auditor's report thereon, therefore, is not a substitute for reading the audited consolidated and
separate financial statements and the auditor's report thereon. The summary and the audited consolidated As disclosed in the consolidated and separate financial statements, the Bank contravened certain circulars
and separate financial statements do not reflect the effects of events that occurred subsequent to the date of of the Central Bank of Nigeria. Unresolved Pending with the Bank C/F 998 3,193 -
our report on the audited consolidated and separate financial statements.
The audited financial statements and our report thereon

We expressed an unmodified opinion on the audited consolidated and seperate financial statements and our
report thereon dated 12 February 2021. That report also includes the communication of key audit matters. Key
audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current year.
Anthony Oputa
Directors’ responsibility for the summary financial statements FRC/2013/ICAN/00000000980
The Directors are responsible for the preparation of the summary consolidated and separate financial For: Ernst & Young
statements in accordance with the International Financial Reporting Standards and the provisions of the Lagos, Nigeria
Companies and Allied Matters Act, 2020, the Banks and Other Financial Institutions Act, 2020 , the Financial 12 February 2021
Reporting Council of Nigeria Act No. 6, 2011 and Central Bank of Nigeria circulars, and for such internal
controls as the Directors determine is necessary to enable the preparation of financial statements that are free
from material misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on whether the summary consolidated and separate financial
statements are consistent, in all material respects, with the audited consolidated and separate financial
statements based on our procedures, which are conducted in accordance with the International Standards on
Auditing (ISA) 810 (Revised) Engagements to Report on Summary Financial Statements.
The statement of financial position, statement of comprehensive income, statement of changes in equity, report of the independent auditor and specific disclosures are published in compliance with the requirements of S.27 of the Banks and Other Financial Institutions
Act. The information disclosed have been extracted from the full financial statements of the bank and the group and cannot be expected to provide a full an understanding of the financial performance, financial position and financing and investing activities of the
bank and the group as the full financial statements. Copy of the full financial statements can be obtained from the Bank’s website: www.ubagroup.com/ir.
Mali UAE
www.ubagroup.com
www.ubagroup.com Africa,
Africa,USA,
USA,UK,
UK,France
France, UAE Africa’sAfrica’s
Global Global
Bank Bank
UNITED BANK FOR AFRICA PLC

2022 ANNUAL REPORT AND ACCOUNTS 3
CONTENTS
Corporate Profile Strategy &
1 2
Business Review
6 | Corporate Profile 33 | Chairman’s Statement
12 | Directors’ Profile 37 | Chief Executive Officer’s Report
20 | Management Team Profile
Sustainability Governance
3
& Responsibility
42 | Sustainability and Responsibility
49 | Corporate Social Reponsibility
56
64
66
77
78
|
|
|
|
|
Directors’ Report
Complaints and Feedback
Corporate Governance Report
Statutory Audit Committee Report
Statement of Directors’ Responsibility
4
79 | Statement of Corporate Responsibility
81 | Report of Independent Consultants
Financial Statements Investor Information
5 6
256 | Investor Information
85 |
Report of Independent Auditors
261 | Notice of AGM
91 |
Statements of Comprehensive Income
264 | Proxy Form
92 |
Statements of Financial Position
267 | Shareholder Forms
93 |
Statements of Changes in Equity
275 | Directors Retiring by Rotation and
95 |
Statements of Cash Flow
Seeking Re-election
96 |
Notes to the Consolidated and
Separate Financial Statements
250 | Statements of Value Added
251 | Five-year Financial Summary
Corporate Information
7 280 | Leadership and Contact Details of

Subsidiaries/Foreign Operations
284 | Corporate Information
285 | Shareholders’ Information

4 2022 ANNUAL REPORT AND ACCOUNTS
01
Corporate
Profile
Corporate Profile
Directors’ Profile
Management Team Profile
United Bank for Africa Plc (UBA) is a leading
Corporate pan-African financial services group with
Profile presence in 20 African countries, as well as the
United Kingdom, the United States of America,
France and United Arab Emirates.
UBA was incorporated in Nigeria as a limited liability company after

taking over the assets of the British and French Bank Limited, which
had been operating in Nigeria since 1949. The United Bank for Africa
merged with Standard Trust Bank in 2005 and, from a single country
operation founded in 1949 in Nigeria - Africa’s largest economy, UBA
has become one of the top providers of banking and other financial
services on the African continent. The Bank provides services to
over 30 million customers globally, through one of the most diverse
service channels in Sub-Saharan Africa with over 1,000 branches
and customer touch points and a robust online and mobile banking
platform.
The shares of UBA are publicly traded on the premium board of the
Nigerian Exchange Limited (NGX) and the Bank has a well-diversified
shareholder base, which includes foreign and local institutional
investors, as well as individual shareholders.
MARKET CHANNELS
UBA has over 30 million
customers in retail,
UBA has one of the largest
commercial and corporate STAFF
distribution networks in
PRODUCTS market segments spread
Africa. As at December 31,
across 24 countries, As at December 31,
2022, there were over 1,000
UBA is a financial consisting of Nigeria, 19 2022, the Group had
branches and customer
institution, offering other African countries, the over 24,000 direct
touch points across Africa,
a range of banking United States of America, the and support staff.
2,676 ATMs and 303,703 POS
and pension fund United Kingdom, France and
machines fully deployed.
custody services. UAE.
ENTERPRISE EXCELLENCE EXECUTION

• Own the task • Be responsive and passionate • Get it done
• Go the extra mile, solve problems • Surpass customer’s expectations always • Get it done now
• Show initiative • Maintain quality standards • Get it done very well
• Break barriers • Be meticulous - make it simple always • Always have the end in mind
• Be innovative • Be professional - integrity, friendly and
genuine

Corporate Profile
WHO
We are focused on supporting people and
businesses to succeed across Africa, Europe,
WE
and North America. Through our diverse
range of products, services and channels,
ARE
we help people fulfil their goals and enable
businesses to prosper.
Employees
24,000+
2021: 20,000+
Branches and Active POS Machines

Touchpoints
1,000+
Total Customers
303,703
2021: 1000+
30 million + 2021: 119,303
ATMs African Operations
2,676 20
Digital Banking No. of Cards issued
Customers
15.6million+
Operations outside Africa
4
2021: 3
28.7million+
2021: 24 million+ 2021: 13.5million+
Leo Users Agents

4.15million + 147,232
2021: 3.1 million+ 2021: 103,269

FINANCIAL SUMMARY
RETURN
ON
19.7 % N10.9 trillion TOTAL
2021 : 15.6%
Growth Rate: 27.2% ASSETS
EQUITY
RETURN
ON
1.8 % 115.6 % NPL
COVERAGE
2021 : 1.5%
ASSETS 2021 : 134.1%
3.1 %
PROFIT
BEFORE
TAX
N200.9billion NPL
Growth Rate: 31.2% 2021 : 3.6%
OPERATING
INCOME N593 billion 59.1 % COST-TO-
Growth Rate: 30.0% 2021 : 62.7% INCOME
DEPOSITS N9 trillion
Growth Rate: 28.1%
28.3 % CAPITAL
ADEQUACY
2021 : 24.9% RATIO
LOANS
AND
ADVANCES
N3.4 trillion 68.3 % LIQUIDITY
RATIO
Growth Rate: 21.4% 2021 : 65.3%

Hi, I’m
The
Board

Corporate Profile
Strategy &
Business Review
Sustainability
& Responsibility
Governance
Financial
Statements
Investor
Information
From left to right sitting: Aisha Hassan Baba, Owanari Duke, Oliver Alawuba, Tony O. Elumelu, Muyiwa Akinyemi, Erelu Angela Adebayo, Angela Aneke,
From left to right standing: Ugo Nwaghodoh, Sola Yomi-Ajayi, Kayode Fasola, Caroline Anyanwu, Abdulqadir J. Bello, Emem Usoro, Alex Alozie
Corporate
Information
2022 ANNUAL REPORT AND ACCOUNTS

11
BOARD OF DIRECTORS
Tony O. Elumelu, CFR

CHAIRMAN
Tony O. Elumelu is an Tony is the most prominent champion of entrepreneurship in

African leading investor Africa. In 2010, he created The Tony Elumelu Foundation (TEF),
and philanthropist. the leading philanthropy empowering a new generation of
African entrepreneurs, catalysing economic growth, driving
He is the Founder and Chairman of Heirs Holdings, his family poverty eradication and driving job creation across all 54
owned investment company committed to improving lives African countries. Since inception, the Foundation’s flagship
and transforming Africa, through longterm investments programme has identified and catalysed nearly 16,000
in strategic sectors of the African economy, including entrepreneurs and created a digital ecosystem of over one
financial services, hospitality, power, energy, technology and million Africans, as part of a ten year US$100m commitment
healthcare. to fund, mentor and train young Africans.
Tony is the Chairman of pan-African financial services Tony’s businesses and the Foundation are inspired by his
group, the United Bank for Africa (UBA), which operates in economic philosophy of Africapitalism, which positions the
20 countries across Africa, the United Kingdom, France, private sector, and most importantly entrepreneurs, as the
the UAE and is the only African bank with a commercial catalyst for the social and economic development of the
deposit taking presence in the United States. UBA provides African continent.
corporate, commercial, SME and consumer banking services
to more than 35 million customers globally. He also chairs In 2020, in recognition of his business leadership and
Nigeria’s largest quoted conglomerate, Transcorp whose economic empowerment of young African entrepreneurs,
subsidiaries include Transcorp Power, one of the leading Tony was named in the TIME100 Most Influential People in
producers of electricity in Nigeria and Transcorp Hotels Plc, the World, and recognised with Belgium’s oldest and highest
Nigeria’s foremost hospitality brand. royal order.

Corporate Profile
Joe Keshi, OON

VICE CHAIRMAN
Ambassador Joe C. Keshi During the course of his 35 years’ diplomatic career,
was the Vice Chairman of Ambassador Keshi served in about eight countries and
UBA Group as of June 30, various capacities, including, Charge D ‘Affairs, Embassy
2022. He retired from the board on July 31,2022. He is also of Nigeria, The Netherlands, Consul General, Nigerian
the Chairman of Afrigrowth Foundation, Director General Consulate, Atlanta, USA, and held a number of management
BRACED Commission, responsible for economic cooperation positions in the Ministry of Foreign Affairs of the Federal
and integration among the core six south-south states Republic of Nigeria. He was a member of various Nigerian
of Nigeria. Co-chairman, Board of Patrons, Educational delegation and participated in a number of bilateral, political
Cooperation Society and a member, Board of Trustees and multinational economic negotiations including, being a
Lifestyle Medical Practitioners Association of Nigeria. member of an international team that negotiated the Peace
Agreement that ended the ten years’ civil war in Sierra Leone.
Before joining the Bank, Ambassador Keshi had a
distinguished career in the diplomatic service of the Federal Ambassador Keshi earned his Bachelor of Science degree
Republic of Nigeria ending up as the top career diplomat of in Political Science from the University of Ibadan, Nigeria,
the country, when he served as the head of the ministry in Diploma in International Relations and Diplomacy from the
the capacity of the Permanent Secretary. He had also served Nigeria Institute of International Affairs, Lagos, Nigeria and his
as the Permanent Secretary, Cabinet Secretariat responsible master’s degree in Public Administration and Development
for the meetings of the Federal Executive Council, presided (with policy analysis, as area of policy concentration) from
over by the President. the Institute of Social Studies, The Hague, the Netherlands,
(Erasmus University).
Owanari Duke
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mrs. Owanari Duke has Initiative that aims to assist Nigerians achieve high levels of
led a distinguished career productivity and competitiveness among SMEs.
which has straddled the
roles of Lawyer, Public Servant, Mrs. Duke is also the Managing Partner of the law firm
Entrepreneur and Philanthropist. The former First Lady of Duke and Bobmanuel. She is a certified Mediation/Dispute
Cross Rivers State, Nigeria, Mrs. Duke used her position to Resolution Consultant. In addition to this, she serves as the
raise awareness and currently serves as the Country Director Executive Chairman of Allied Merchants & Brokers Limited, a
of EMPRETEC Nigeria Foundation; a United Nations Centre leading merchandising and brokerage firm.
for Trade & Development (UNCTAD) Private Sector Support

Samuel Oni, FCA
High Chief Samuel Oni is a the Director of Banking Supervision Department where he
Chartered Accountant with played a prominent role during the intervention process
a distinguished career that of the CBN that restored stability in the banking system,
spanned well over 35years. following the Financial Crisis of 2008/2009.
Having qualified as a Graduate
Member of the Association of Chartered Certified Accountants He voluntarily retired from the CBN in June 2011, having
in 1980, he held the position of Senior Accountant/Company completed the eight years as a Director in line with the Tenure
Secretary in various establishments, including New Foods & Policy for all Directors in Government Ministries, Agencies
Drinks Company Ltd. Abiola & Sons Bottling Company, and and Parastatals. He attended both local and overseas training,
Kwara Breweries Ltd. He joined Kwara State Government workshops and seminars during his career. He holds a master’s
and was deployed to Kwara State Agricultural Development degree in Business Administration from the University of Ilorin
Project as the Financial Controller. and is a Fellow of both the Association of Chartered Certified
Accountants and the Institute of Chartered Accountants of
In October 1993, High Chief Oni, transferred his Services to Nigeria. He is also a member of the Chartered Institute of
the Central Bank of Nigeria (CBN) and assumed the position of Taxation of Nigeria and an honorary member of Chartered
an Assistant Director. He became a Commissioned Examiner, Institute of Bankers of Nigeria.
rose through the ranks in CBN, and was appointed Director
of Bank Examination Department in 2003. He also served as High Chief Oni served as on the Board of Audit Committee
the Director of Other Financial Institutions and Internal Audit and was the Chairman of the Board Risk Management
Departments between 2005 and 2008. In 2009, he became Committee.
Angela Aneke
Ms. Angela Aneke is a International Associate of the American Institute of Certified

board advisor, banker and Public Accountants in 1985. She also holds a Master of
a strategic thinker with Business Administration from Warwick Business School,
over 30 years’ experience in University of Warwick, UK. She has attended several courses
financial services, in the areas in banking and governance including Harvard Business
of financial control, strategy, transaction banking, corporate School’s “Making Corporate Boards More Effective” and
banking, retail banking, and governance. Ms. Aneke has Wharton’s University of Pennsylvania’s Corporate Governance:
held executive management and board positions in several “Maximize your effectiveness in the Board room.”
international and regional institutions, including Ecobank
Transnational Incorporated, Citigroup and the United Bank She is currently the Chairman of the Board Audit &
for Africa. Governance Committee and also serves on the Board Risk
Management Committee.
Angela holds a Bachelor of Science degree from The
American University, Washington DC, USA and became an
Abdulqadir J. Bello
NON-EXECUTIVE DIRECTOR
Mr. Abdulqadir J. Bello, a He also previously served as the Group Chief Credit Officer
Chartered Accountant, has of UBA and thereafter as the Executive Director in charge of
over 30 years’ corporate Risk Management for UBA Group. Abdulqadir Bello is the
experience in the banking Chairman of the Board Credit Committee and also serves on
sector, during which period he the Board Risk Management Committee
held several senior Management positions in various Banks.

Corporate Profile
Erelu Angela Adebayo

Erelu Angela Adebayo female Chairman of the Board of WEMABOD Estates. Erelu
obtained a BSC Hon (Social Adebayo serves on the Boards of Aliko Dangote Foundation,
Science) from the University Meyer Paints Plc and Women at Risk International Foundation.
of Ibadan, an MBA from the
University of Lagos, and a MPhil (Cantab) in Land Economy She is also a Council Member on the Nigerian Stock Exchange
from Cambridge University. and has worked extensively on real-estate development
across Nigeria. Erelu Adebayo is the Founder of Erelu Adebayo
Erelu Adebayo was previously the First Lady of Ekiti State and Foundation and Erelu Adebayo Children’s Home.
the Chairman of Afriland Properties Plc. She was also the first
Kayode Fasola
Dr. Kayode Fashola is a development, performance management and corporate

consummate professional governance.
with over 30 years’ cognate
experience obtained from Dr. Fashola previously served as an Executive Director of a
Management and Board positions covering banking commercial Bank in Nigeria. Dr. Fashola holds two masters’
operations, risk management, credit/financial analysis, degrees and a Ph.D. in Business Administration specialising in
insurance, asset management, business strategy/ Entrepreneurial financing. He also serves on the Board Credit
Committee and the Board Audit and Governance Committee.
Caroline Anyanwu
Mrs. Caroline Anyanwu is a First Caroline who previously occupied the position of Head,
Class graduate of Statistics, Credit Risk Management at United Bank for Africa Plc, has
a Fellow of the Institute of worked at senior level positions with several international
Chartered Accountants (ICAN), financial institutions. She has also served on various Boards
and a Prize Winner in the ICAN Professional Qualifying both as an Executive Director and a Non-Executive Director,
Examination (overall 2nd). She obtained top-rated core basic including Diamond Bank Plc, Diamond Bank D’Benin, CRC
and intermediate management competencies as a Trainee Credit Bureau Ltd, and FinBank Plc. Caroline is currently the
Accountant in Price Waterhouse (Chartered Accountants) Founder/Principal Consultant of Fineline Business Advisory
– now PricewaterhouseCoopers (PwC) and has over 30 Ltd, an Honorary Senior Member of the Chartered Institute
years’ experience in the Banking Industry, covering Strategic of Bankers of Nigeria, an Associate Member of the Chartered
Planning, Financial Control, Retail & Commercial Banking, Institute of Taxation of Nigeria, and a member of the Risk
Banking Operations and Risk Management. Management Association of Nigeria.

Aisha Hassan Baba, OON
Ms. Aisha Hassan Baba, OON Federal Government’s Inter-Ministerial Committee that worked
is the founding and Managing with Business Recovery and Insolvency Practitioners Association
Partner of EBO, HASSAN BABA of Nigeria (BRIPAN) 2013, to finalise the draft Nigerian Insolvency
& CO. Aisha was admitted to Bill; advised on the legal documentation for the setting up of the
practice law in Nigeria in 1981 and in the ensuing 35 years Investment and Technology Promotion Office (ITPO), working
thereafter, served in very senior and sensitive positions in both with UNIDO, Co-Chaired the Committee that developed the
federal and state public service of the Federal Republic of Nigeria, Nigerian Industrial Development Plan (NIRP) draft Bill 2014. She
notably as Deputy Director Public Prosecution Director, Legal advised on the legal Documentation of the Cotton, Textile and
Services under the Federal Ministry of Justice, Federal Ministry Garment Agreement between the Federal Government and
of Education, Federal Ministry of Industry, Trade & Investment, Vlisco Group. She wasLead Negotiator for the Federal Government
Chief Executive Officer (CEO) of the Federal Legal Aid Council of Nigeria in the negotiation of the IPPA between The FGN and
(now Commission), Executive Secretary, Nigerian Investment the Kingdom of Qatar, Canada and Brazil 2012- 2014. She served
Promotion Commission, and as the Attorney General and as the Lead Delegate of the Nigerian Preparatory Committee on
Commissioner for Justice, Anambra State. Trade Facilitation to the Legal review of the draft Trade Facilitation
Agreement to the WTO Headquarters in Geneva 2014, and
Aisha is a trained Legal Draftsman, contract negotiator and has chaired the Inter-Ministerial Committee set up by the Federal
worked as Co-Chair of the Committee on High Profile Federal Government to review the Pioneer Status Administration 2014
Bills, notably the production of the final draft copy of the National under the Nigerian Investment Promotion Commission (NIPC).
Competition and Consumer Protection Bill and the National
Competition and Consumer Protection Policy in 2014/15. In recognition of her diligence, passion and contribution to
the public service of the Federation, Aisha was conferred with
She chaired the Committee that drafted the Nigerian Local the National Productivity Order of Merit Award in 2001 and the
Content in the non- oil Sector Policy 2014; led the team that National Honours, Officer of the Order of the Niger, (OON) in 2005.
designed a model Investment Protection Agreement for
the Nigerian Government that was approved by the Federal Aisha is a member of the Nigerian Bar Association, Commonwealth
Attorney General and Minister of Justice in 2014; led the team Bar Association, Member, Chartered Institute of Arbitrators UK.
that developed a model draft Automotive Bill for the Nigerian Aisha currently serves on the Board Audit and Governance
Automotive Council (as it then was). In 2013/2014, she steered the Committee.
Oliver Alawuba
GROUP MANAGING DIRECTOR/CEO
Oliver, a seasoned banking times country CEO and Regional CEO in the Rest of Africa,
professional, comes on Executive Director, East Bank (Nigeria) and later Group
board with a broad range of Deputy Managing Director/CEO, covering Nigeria and
strategic and well-grounded other 19 subsidiaries in the Rest of Africa. He also worked in
experience in Corporate and Institutional Banking, another bank and rose to the position of Executive Director.
Consumer Banking, Public Sector, Retail and Commercial Oliver is an effective and self-motivated professional.
Banking, Project Management, Corporate Governance, and
overall bank management. Oliver possesses B.Sc and M.Sc degrees in Food Science
and Technology and MBA in Banking and Finance. He is an
Mr. Oliver Alawuba has acquired 25 years of work experience alumnus of the AMP and SEP programmes of the prestigious
in the banking industry after his short foray into academia. He INSEAD Business School, France and London Business School
joined the former Standard Trust Bank (STB) as a pioneer staff respectively.
in 1997. Over the years, he has demonstrated strong passion
for excellence and result-oriented leadership capability. He is also a Fellow of the Nigerian Institute of Management
(NIM) and an Honorary Senior Member of the Chartered
Prior to his current appointment as the Group Managing Institute of Bankers of Nigeria (CIBN).
Director/CEO of UBA Banking Group, Oliver was at various

Corporate Profile
Muyiwa Akinyemi
DEPUTY MANAGING DIRECTOR
Muyiwa is the Deputy as the CEO/MD between 2010 and 2011.

Managing Director of United
Bank for Africa (UBA). He Before joining UBA, Muyiwa worked in Standard Trust Bank
oversees the bank’s business in between 1998 and 2005, where he led in various capacities
Southern Nigeria and coordinates the corporate banking including Head Investment Banking, Head Energy & Telecoms
arm of the institution. Division and Structured finance groups. He had previously
worked in Diamond Bank between 1994 and 1998.
Prior to this, Muyiwa who joined UBA in 2005, drove the
bank’s energy bank business and was the General Manager, Muyiwa Akinyemi who is a Chartered Accountant graduated
Corporate and Commercial Banking. He also headed the with a B.Sc. Accounting from the Obafemi Awolowo
Wholesale banking arm between 2013 and 2015, where he University, Ile-Ife. He is also a member of several professional
was responsible for the bank’s business activities in various bodies including the Institute of Chartered Accountants of
geographies with UBA presence. He also headed UBA Kenya Nigeria, Chartered Institute of Bankers of Nigeria, Chartered
Institute of Stockbrokers, etc.
Emem Usoro
EXECUTIVE DIRECTOR, NORTH BANK
Emem Usoro who is UBA’s and turnaround ailing branches, amongst other activities.
Executive Director, Nigerian She has a strong track record of winning and executing high-
North Bank boasts of over powered transactions.
20 years’ banking experience
spanning Customer Service/Retail/Commercial/Corporate A fellow of the Chartered Institute of Bankers of Nigeria
Banking and Public Sector, covering all the regions in the (CIBN) with strong capabilities in business development,
country. financial and business advisory, strategic planning and
execution, Emem holds a B.Sc degree in Biochemistry and
Before now, the astute banker, who joined UBA in 2011, an MBA degree from the Obafemi Awolowo University, Ile-Ife
has worn several hats. She was the Directorate Head, Abuja and is also an alumnus of Lagos Business School and Harvard
and North Central Bank and was also the Regional Director, Business School. She has attended several international
Lagos Island region in charge of 32 branches in the Apapa courses on leadership, Corporate Credit, marketing and
and Lagos Island region, where she was responsible for negotiation skills.
developing, planning and implementing strategies to grow

Ugo Nwaghodoh
EXECUTIVE DIRECTOR, RISK MANAGEMENT AND FINANCE
Ugo has over 28 years of Management from Cranfield University, England. He also
multifunctional experience holds a Bachelor of Science(BSc.) degree from the University
spanning banking, advisory of Ibadan.
and assurance services. Prior to
his current role, he was at different times, Group Financial Ugo is a Fellow of both the Institute of Chartered Accountants
Controller, Group Chief Compliance Officer, and Head – of Nigeria and the Chartered Institute of Taxation of Nigeria
Performance Management at UBA. Before joining UBA in (CITN). He is an Associate member of the Chartered Institute
2004, he had 10 years of experience with renowned firms of of Stockbrokers of Nigeria and a member of the Chartered
Deloitte and PricewaterhouseCoopers in Nigeria and Kenya. Institute for Securities and Investments, United Kingdom.
Also, he is an honorary Senior Member of the Chartered
He holds a Master of Science (M.Sc.) degree in Risk Institute of Bankers of Nigeria (CIBN), as well as a member of
Management from New York University and in Finance and the Institute of Directors of Nigeria.
Sola Yomi-Ajayi
EXECUTIVE DIRECTOR, INTERNATIONAL BANKING
Sola Yomi-Ajayi is a highly Organisations (EMDOs) and Global Investor Services (GIS)
experienced banker with businesses. She leads the respective teams in the execution
over 28 years of banking of corporate strategy and delivery of unique best-in-class
experience managing Corporate financial solutions to UBA’s customers across these business
and Institutional relationships with significant experience segments.
in Regulatory Engagement, Structured Funding, Risk
Management, Financial Inclusion, Transaction Banking, Sola has a Bachelor of Arts degree from Obafemi Awolowo
Correspondent Banking, and Operations. University, Ile-Ife, Nigeria, and an MBA from the Aberdeen
Business School. She has also attended leadership and
As the Executive Director for Treasury & International Banking, executive programs at Harvard Business School and Judge
Sola is responsible for strategy formulation as well as oversight Business School, University of Cambridge.
for various business groups at UBA such as UBA America, UBA
UK, UBA France and UBA Dubai. Additionally, she is responsible She is a Fellow of the Chartered Management Institute, UK
for the Group’s Treasury function as well as our Financial and a Member, Board of Trustees for the US-based Institute of
Institutions, Embassies, Multilateral, and Development International Banking.

Corporate Profile
Alex Alozie
EXECUTIVE DIRECTOR, GROUP CHIEF OPERATING OFFICER
Alex Alozie joined UBA he has been bestowed with several coveted awards which
in 2019, He has a BSc in include; CBN commendation for contributions to the
Economics from Abia State introduction of cashless initiative, SEC commendation for
University, Uturu. He holds the role in implementing e-Dividend, CBN/NIBSS Award as
a Master’s Degree in Business Administration from the a member of the BVN Implementation Committee amongst
Metropolitan School of Business, London (United Kingdom) others.
He is a Fellow of the following Institutions; Chartered Institute He has served on the CBN Committee on the introduction
of Bankers of Nigeria, Nigerian Institute of Management, of cashless in Nigeria, CBN/NIBSS Committee on the
Institute of Chartered Economists of Nigeria, Chartered Implementation of BVN, CBN/SEC Committee on e-Dividend
Institute of Strategic Managers & Leaders, Association of Mandate and CBN Committee on Shared Services, etc.
Human Resources of Nigeria.
He has held several positions across different banks prior to
For his expertise and resourcefulness to the banking sector, joining UBA.
Abiola Bawuah
EXECUTIVE DIRECTOR/CEO, UBA AFRICA
Abiola Bawuah is the ED/CEO, Bank as Relationship Manager; Strategic African Securities as
UBA Africa, overseeing the an authorized dealing broker and with the then Bentsi-Enchi
Group’s subsidiaries in Africa. and Letsa; now Bentsi-Enchil, Letsa and Ankomah law firm as
Previously, she was the Regional an investment officer.
CEO West Africa, with enormous experience in retail banking
and marketing. In 2013, she left Zenith Bank Ghana; where Bawuah holds a BSc in Actuarial Science from the University
she was the Executive Director; having previously held the of Lagos, Nigeria, an LLB from the University of London, a
positions of the General Manager, Marketing and Group diploma in Marketing from GIMPA and EMBA (Finance) from
Head, Retail Banking; and joined UBA Ghana as Deputy the University of Ghana. She also has numerous leadership
Managing Director the same year. Mrs. Bawuah also worked qualifications from Harvard Business School, Columbia,
with Standard Chartered Bank as the Head of Sales; with CAL University of New York, INSEAD and Institut Villa Pierrefeu in
Switzerland.

MANAGEMENT TEAM
Bili A. Odum
GROUP COMPANY SECRETARY/ LEGAL COUNSEL
Bili holds an LLB (Hons) degree from Edo State University, He has held high-level strategic positions in top financial
Ekpoma, Nigeria and was enrolled as a Solicitor and Advocate service institutions in Nigeria, with responsibilities that
of the Supreme Court of Nigeria in 1990. He is a member encompass Asset Management, Structured Finance,
of the Chartered Institute of Arbitrators (United Kingdom), Legal Advisory, Corporate Governance, Human Resources
the Nigerian Bar Association and the International Bar Management, Administration, Knowledge Management and
Association. He is an alumnus of the Lagos Business School Business Communication.
(Chief Executive Programme 18) and the New York Institute
of Finance.
Sampson Aneke
GROUP HEAD RETAIL, DIGITAL & TRANSACTION BANKING
Sampson Aneke’s rich experience and play in the digital space (BH), Apapa 2 Region. Sampson has put up over two decades
has come to the fore with his recent appointment as Group of Banking experience which spans across three banks,
General Manager, Retail, Digital & Transaction Banking Group Ecobank, Access Bank (formerly Diamond Bank) and more
in the United Bank for Africa. He joined the Group in 2019 with recently United Bank for Africa. He has spent the last 15 years
the responsibility for SME banking across the Group’s African in Senior Management Levels.
network and was also responsible for the Group’s business in
Lagos and southern Nigeria. He holds a B.Sc. degree in Banking and Finance, MBA in
Business Administration & Management and is a Fellow of the
He was the Directorate Head, South Bank spanning over 17 Chartered Institute of Bankers of Nigeria. He is also a Fellow of
States of the Federation and housing over 313 Branches. He the Nigerian Institute of Management and an Alumnus of the
was also Head, SME Banking in 20 UBA present countries and prestigious Lagos Business School.
double-hatted as Group Head, Digital Banking & Bank Head

Corporate Profile
Mudasiru Sanusi
CHIEF AUDIT AND ASSURANCE OFFICER
Sanusi holds a B.Sc. in Accounting from Ahmadu Bellow UBA Group and was the pioneer COO of UBA Ghana and CEO
University, Zaria. He is a Fellow of the Institute of Chartered UBA Zambia.
Accountants of Nigeria, and an alumnus of the Harvard
Business School. He has over 29 years of banking experience He is currently the Group Chief Audit and Assurance Officer,
spanning Banking Operations, Financial Control, Customer where he drives the Internal Audit and Assurance activities of
Service and Sales. Sanusi has played various roles across the the Group.
Ebele Ogbue
REGIONAL CEO EAST AND SOUTHERN AFRICA
Ebele holds a B.Sc (Honours) degree in Accounting from the banking experience spans various areas of banking from Asset
University of Lagos and an MBA (IT and Management) from Based Finance/Corporate Finance to Core Corporate Banking
CASS Business School, London. and Trade Finance.
His professional career started at Price Waterhouse in 1991, Prior to his current role, he was Group Head, Oil & Gas, Head,
before his foray into banking, where he spent the last two Wholesale Banking Anglophone Africa, MD/CEO, UBA Capital
decades working at international banks such as Citibank and Europe Limited and the pioneer MD/CEO, UBA Liberia.
Standard Chartered Bank, before joining UBA in 2004. His
Amie Sow
REGIONAL CEO CENTRAL AFRICA
Amie has over two decades of banking experience, spanning Group’s flagship subsidiaries that won “Bank of the Year” Award
business development, risk management, and broader of the Banker’s Magazine (Financial Times) for six consecutive
executive management functions. years.
As the Regional CEO, Central Africa, Amie oversees the Group’s Amie has three Masters degrees in Economics, Banking &
subsidiaries in, UBA Cameroon, UBA Chad, UBA Congo Insurance, and Public Finance from leading universities in
Brazzaville, UBA DRC, UBA Gabon. Prior to her current role, Senegal.
she was the Managing Director/CEO, UBA Senegal, one of the

Chris Ofikulu
REGIONAL CEO, WEST AFRICA & MD/CEO, UBA GHANA
Chris is currently the Country CEO, UBA Ghana and the Directorate Head in charge of Lagos and West Businesses.
Regional CEO West Africa. He is a Senior Executive of the Bank
with over 30 years’ Banking experience of which over 28 years Chris holds a B.Sc. (First Class) Degree in Industrial Mathematics
has been in Business Development. from the University of Benin, Benin City and an MBA from the
University of Lagos. He also attended the following prestigious
Before joining UBA Group, Chris had worked in one of the Top Business Schools: The Wharton Business School, Philadelphia,
Commercial Banks in Nigeria where he served in various capacities IESE Business School, University of Navarra, Barcelona and
including Directorate Head in charge of the South Businesses and Lagos Business School, Pan-African University.
Michelle Nwoga
GROUP CHIEF EXPERIENCE OFFICER
Michelle Nwoga is the Group Chief Experience Officer, Experience, and Engagement, Michelle is renowned for her
responsible for the development and implementation of wealth of experience in Customer insights, engagement,
Customer Experience strategies across Private, Business, value management, and organization development.
Corporate, and Financial Inclusion sectors for our 20 countries
in Africa. Michelle holds a Master’s degree in Management, Marketing,
and Organisation Management; a degree in International
With almost two decades of banking and consulting Relations, Environmental Science, and Business Management
experience that spans Business Development, Project from leading universities in the UK.
Management, Brand Marketing & Communication, Customer
Raymond Ahumibe
REGIONAL HEAD, SOUTH
Raymond holds a BSc Honours degree in Estate Management training courses. Raymond has over thirty years of cognate
and MBA Finance from Obafemi Awolowo University Ile Ife experience spanning Academics, Estate Surveying and
and the University of Port Harcourt respectively. He is an Banking. Fifteen or more of these years have been at the
Associate Member Nigeria Institute of Management. He has Executive Management level at UBA.
attained several Management and Executive Leadership

Corporate Profile
Adeyemi Adeleke
GROUP TREASURER
An experienced banker with over 23 years’ experience in asset Chartered Institute of Bankers of Nigeria.
trading, balance sheet management, audit and consulting,
combined with exposure to enterprise risk management in He has held many senior management roles within UBA Group
Africa, Europe, and North America. and was at various times the Executive Director, Business
Development of UBA (UK) Limited; CEO (Designate) of UBA
Adeleke has a bachelor’s degree in Accounting and an MBA Kenya; and was the MD/CEO of UBA (UK) Limited before his
in Finance. He is an Associate of ICAN, a Certified Information recent appointment as the Group Treasurer of the bank.
System Auditor (CISA) and an Honorary Senior Member of the
Bola Atta
GROUP HEAD, CORPORATE COMMUNICATIONS
Bola Atta is a graduate of Economics with an MBA in Africa using her expertise in public relations and increasing
Marketing, she has over 25 years of experience in diverse her wide network within Africa.
fields ranging from Banking, Business, Communications,
Publishing, Entertainment, and the Media. Approximately 17 Former Editor-in-chief of Africa’s leading publication, True Love
out of these 25+ years have been in high-level management magazine, Atta who is the Executive Producer of acclaimed
and entrepreneurship. She has worked in private enterprise Africa’s Next Top Model series, now works as the Group Head
and with government agencies both in Nigeria and South of Communications for the United Bank for Africa.
Wilfred Ajayi
GROUP HEAD, OPERATIONS
Wilfred holds a Bachelor of Science Degree in Agricultural Nigeria.

Economics from the University of Ibadan and a Master of
Business Administration Degree from the University of Ado He is an experienced banking professional with over 30 years
Ekiti. He is a fellow of the Chartered Institute of Bankers of of experience covering branch and head office operations.

Anant Rao
GROUP HEAD, ALTERNATIVE CHANNELS SALES
Anant holds a Master of Commerce degree and an MBA from Global Shared Services Centre.
Sri Sathya Sai Institute of Higher Learning in India. He is a
Banking Operations and Financial Technology Professional for Prior to UBA, Rao had a distinguished career working for 14
the last two decades and joined UBA in 2008. years in the areas of Operations and Technology at Citigroup.
Prior to being the Group Head, Alternative Channel Sales, he He has deep domain knowledge and diverse experience in
was at different times, Director, Customer Fulfilment Centre, Banking Operations and Financial Technology, Outsourcing,
Head, Strategy and Business Transformation and Director, Offshore Operations, Business Transformation, Credit and Risk
Management in the financial services industry.
Sarata Kone
MD/CEO, UBA CDI
Managing Director of UBA Côte d’Ivoire since 2016, Sarata the University of Montreal.
KONE-THIAM previously held the position of Deputy
Managing Director between September 2015 and May 2016. With her skills and know-how, Sarata has established her
reputation in the Ivorian banking sector for having gradually
She has got more than 22 years of experience in commercial led UBA Côte d’Ivoire to excellent results, bringing the Bank
and investment banking and occupied senior positions in in the top 10 banks in Côte d’Ivoire. UBA Côte d’Ivoire was
major international financial groups such as HSBC and City awarded the Bank of the Year 2019 in Africa prize by the
Bank. Mrs THIAM holds a Master’s degree in Economics from Banker magazine for its performance.
Modupe Akindele
GROUP HEAD, HUMAN RESOURCES
Katrina Modupe Akindele is the Group Head, Human HR spectrum and is an Associate Member of the Chartered
Resources. Prior to joining UBA, she was the Group Human Institute of Personnel Managers (ACIPM), Nigeria. She is also
Resources Director, Heirs Holdings Ltd, a company she joined a Senior Human Resources Executive with the Society for
in 2017 and where she oversees human capital management. Human Resource Management, USA. She is MBTI certified
with the Myer-Briggs institute and possesses the Kolbe
Modupe has over 25 years of experience across the entire Accreditation with Kolbe Corporation, Arizona USA.

Corporate Profile
Vikrant Bhansali
CEO, UBA UAE
Vikrant leads our business in the Middle East & North Africa Standard Chartered Bank, Prior to which he was Managing
(MENA) region and is the CEO of United Bank for Africa Plc Director, at Société Générale in London where he was
(DIFC Branch) in Dubai. He has had a distinguished banking responsible for the bank MENA regional expansion strategy.
career of over 25 years working in Sub-Saharan Africa, the Vikrant has also held senior management positions with
United Kingdom, MENA and India. Morgan Stanley in London; Citigroup in London, Dubai and
Bahrain; HSBC in India; and Arthur Andersen & Co. in India.
Prior to joining UBA, he worked for the DIFC Authority
(Government of Dubai), as Chief Representative – International Vikrant is a qualified Chartered Accountant and Chartered
Markets. His banking & financial markets career included roles Financial Analyst with a degree in Law as well.
as Regional Head of Institutional Sales, Sub Saharan Africa at
Ibrahim Abdullahi
REGIONAL HEAD, NORTHWEST 2
Mr Ibrahim Abdullahi is a seasoned banker with over 20 years and Zenith Bank Plc where he rose through the ranks and
of cognate banking experience encompassing operations, has taken up various managerial roles such as public sector
Marketing, Retail, commercial and public sector Banking. He Head, Retail Marketing, Group Head Retail Group North-East
obtained a Master of Business Administration (MBA) in Finance III, Divisional Head Public-Sector Division, Abuja, and Group
from Abubakar Tafawa Balewa University (ATBU), Bauchi and is Head North-East Division.
a fellow of the Nigerian Institute of Management (Chartered).
He joined UBA in 2020 and has held strategic portfolios such He has attended several pieces of training including Strategic
as Directorate Head Northeast and currently the Regional Business Leadership, Corporate project finance, Corporate
Head supervising the Northwest 2 region. Etiquette, Fraud Detection and Control, Asset Management,
Credit Management, Marketing and Relationship
Prior to joining UBA, he worked with Guaranty Trust Bank Plc Management, Negotiation Skills etc.
Rene-Laurent Alciator
HEAD, REPRESENTATIVE OFFICE, FRANCE
René-Laurent Alciator heads UBA’s Representative Office Political Sciences from the Institut d’Etudes Politiques of
in France, covering relationships with global corporates, Strasburg, France, a Master’s in European Management from
financial institutions, and multilateral and development business school ESCP Europe, Paris, France, doubled by a
organisations in continental Europe. German Diplom-Kaufmann from the school’s campus in
Berlin, Germany. He speaks fluent French, Italian, English and
He has 16 years of international experience in the corporate German.
and trade finance space. René-Laurent holds a Master’s in

Gboyega Sadiq
GROUP INTERNAL AUDITOR
Gboyega holds a first-class (Honours) degree in Accounting trainings locally and abroad.
from the Obafemi Awolowo University Ile-Ife. He is a Fellow
of the Institute of Chartered Accountants of Nigeria (ICAN) Gboyega has had a distinguished banking career spanning
and an Honorary Senior Member of the Chartered Institute over 30 years in Operations, Internal Control and Audit. Before
of Bankers of Nigeria. He also holds post-graduate degrees in joining UBA, he worked at Citibank Nigeria Ltd and Access
Economics and Public Administration in addition to several Bank Plc where he occupied senior roles.
Kayode Ishola
GROUP HEAD, IT
Kayode Ishola is currently the Group Head, Information He is a member of the Information Systems Audit and Control
Technology. He is a seasoned Information Technology Association (ISACA) and an honorary senior member of the
specialist with more than two decades of unbroken Chartered Institute of Bankers of Nigeria (CIBN). He holds
experience in the banking industry. Prior to his current role, he a BSc. Degree in Computer Science from the University of
served as the bank’s Chief Digital Officer with responsibilities Ilorin. He is also an alumnus of the University of Liverpool
for setting and executing the bank’s digital banking initiatives. where he obtained his postgraduate diploma in Information
Technology.
He has successfully implemented key technology projects in
UBA Nigeria, United Kingdom and United States.
Chioma Mang
MD/CEO UBA UGANDA
Mrs Chioma Mang has over three decades of combined the Managing Director/CEO of the United Bank for Africa
experience in Commercial, Merchant Banking and Leadership (Uganda) Ltd., (2020 to date).
at Top Management and Executive levels with significant
cross-border African experience in different jurisdictions Chioma holds Legal Degree with Honours in Law (LLB) from
in West Africa, the CEMAC financial hub and currently in the University of Reading, England and a master’s Degree
East Africa. as the Managing Director/CEO of United Bank in Commercial & Corporate Law (LL.M) from the prestigious
for Africa (Liberia) Ltd., (2011-2016), the Managing/CEO of Ivy League University College London (UCL). In the course
United Bank for Africa (Gabon) SA (2016 – 2020) and currently of her exciting career, she has attended various Executive
Management Programs.

Corporate Profile
Aisha Na’Allah
REGIONAL HEAD, NORTH WEST 2
Aisha is the Regional Head covering Sokoto, Kebbi and represented the budget and economic planning department
Zamfara States. She is a seasoned banker with over three at the Sokoto state water board.
decades of Banking experience in operations, credit, personnel
management and relationship management. Aisha holds B.SC (Hons) in Economics and MBA from Usmanu
Danfodiyo University Sokoto. She is an alumnus of the
Aisha had worked with one of the top commercial banks in International Institute for Management Development (IMD)
Nigeria where she held several responsibilities in operations, Switzerland, Lagos Business school, Institute for Personnel
personnel management, credit and marketing and Branch Management and Industrial relations, Lagos, and a member
Manager prior to joining STB/UBA in 1999. As a fresh graduate of the Chartered Institute of Bankers (CIBN)and an Honorary
employee in Sokoto state, she was impacted positively by Senior Member as well.
some senior citizens such as Alhaji Abdu Gusau when she
Joel Owoade
GROUP CHIEF CREDIT OFFICER
Joel has over two decades of banking experience spanning he had the responsibility for implementing the Bank’s Credit
Business Strategy, Branch Management, Remedial Portfolio Management Strategy with a view to achieving a
Management and Credit Recovery, Regulatory Compliance, diversified, high-quality, risk assets portfolio to ensure optimal
Risk Measurement and Credit Risk Management. Prior to earnings.
joining UBA, he was a bank examiner for several years.
He holds MSc in Banking and Finance from the University
In his current role as the Group Chief Credit Officer, he is of Ibadan. He is a member of the Institute of Chartered
responsible for coordinating the Credit Underwriting activities Accountants of Nigeria (ICAN) and a member of the Risk
of the Bank with the objective of growing the credit portfolio Management Association of Nigeria as a Certified Risk
without compromising the risk assets quality. Prior to this Manager. He has attended several local and international
role, he was the Group Head, Credit Risk Management where courses.

Romaric Sia
CHIEF INFORMATION SECURITY OFFICER
Romaric is a senior cybersecurity executive recognized as one Transnational Incorporated, Group Manager, Information
of the top 100 Global CISOs. With over 23 years of international Security Assurance and later Group CISO covering 40
experience in securing public and private institutions in the subsidiaries. Romaric is also an Advisory Board Member of
banking & insurance, technology, and telecommunication CiberObs, a non-profit cybersecurity organization based in
sectors across Africa, Europe, and the UAE, he is an expert in Abidjan.
information security, IT, and business continuity.
Romaric holds a B.Sc. in Computer Sciences and is an alumnus
Before joining UBA, Romaric was at various times Group of the TGM program at the prestigious INSEAD Business
Manager, Governance and Compliance at Ecobank School in France.
Jude Anele
MANAGING DIRECTOR – UBA CAMEROON
Jude attended the University of Nigeria, Nsukka and Lagos Lagos Business School.
Business School where he graduated with a Bachelor of
Arts degree in English and (Executive) Master in Business Jude has a broad and distinguished career in Banking spread
Administration respectively. He is also an Honorary Senior over a period of 30 years, in Operations, Commercial and
Member of the Chartered Institute of Bankers of Nigeria, and Corporate Banking, Corporate Finance, and Retail Banking.
in addition has attended several senior management courses,
He worked with Diamond Bank and Access Bank before
which include Advanced Management Programme (AMP) at
joining UBA, where he has occupied senior roles.

Corporate Profile
Franklyn Bennie
HEAD, COMPLIANCE
Franklyn holds degrees in Business Administration and MBA. He is an experienced Compliance, Regulatory, & AML/CFT Risks
professional with over 3 decades in the Banking profession &
He is a Fellow & Trustee of the Compliance Institute of Nigeria; consultancy.
Honorary Senior Member of the Chartered Institute of Bankers
of Nigeria; Member, of the Association of Chief Compliance Prior to his current role, he was at different times, sub-Saharan
Officers of Banks in Nigeria; Member, Association of Certified Africa Compliance Head, West Africa Compliance Head,
Anti-Money Laundering Specialists; Associate Member Nigeria Chief Compliance Officer; Banking Operations Head; Local &
Institute of Management [Chartered]. International Bank Branch Start-up Lead; Reconciliation Head;
and Admin/General Internal Services Head at Citibank Nigeria.
Atinuke Lawal
REGIONAL HEAD ABUJA
Atinuke holds a Master of Business Administration from the Distinguished Fellow Institute of Risk Management.
prestigious University of Liverpool, United Kingdom. She also
attended Yale University New Haven, CT USA to study Financial Atinuke is a superlatively high-skilled, and urbane intellectual
Markets, University of California, USA to study The Power of dynamite with a massive wealth of experience in the business
Macroeconomics and Harvard Business School, USA for the of banking as a resultant accumulation of over twenty years
High Potentials Leadership Program, in addition to several of progressive, stable and impact-filled practice. Before
other certifications from graduate and postgraduate Course joining UBA, she worked at Citi Express Bank and Zenith Bank
works. She is a Fellow Institute of Chartered Economists and a Plc where she performed high-level leadership roles.

02
Strategy and
Business Review
Chairman’s Statement
CEO’s Report
Chairman, Board of Directors
Corporate Sustainability Governance Financial Investor Corporate
Profile & Responsibility Statements Information Information
Strategy &
Business Review
Chairman’s Statement
Dear Esteemed Shareholders,
On behalf of the Board of Directors, I am pleased to present

the Annual Report and audited Financial Statements of the
United Bank for Africa Plc for the year ended 31 December "We closed 2022
2022.
with a Capital
Adequacy
2022 has been an extraordinary year in many ways, amid the
conflict in Ukraine, the continued impact, not least in Africa,
Ratio of 28.3%,
of climate change and the ongoing consequences of the
COVID-19 pandemic.
The Group navigated the challenging economic landscape

successfully, implementing strategic initiatives that yield-
comfortably
ed significant improvements in customer experience, en-
hanced our growth prospects and delivered market share
exceeding the
accretion and profitability during the year. regulatory
We were the first sub–Saharan African bank to open a reg-
ulated branch in the Dubai International Financial Centre, minimum, and
further demonstrating our commitment to the mission to
be Africa’s Global Bank. Our ability to serve both African cli- reinforcing our
ents and global clients interacting with Africa, is a significant
element in our differentiation in service offering. As our fi- financial strength"
nancial performance indicates, we continue to benefit from
our broad geographical reach and ability to service clients
globally. macro-environment will remain challenging. In its latest
World Economic Outlook, released on 30 January 2023, the
These achievements were made possible by our clear
International Monetary Fund upwardly revised its global
strategy, the quality of our platform and the professional-
growth forecasts for 2023, but highlighted the uncertain-
ism, dedication and commitment displayed by colleagues
ties caused by ongoing higher interest rates and the war in
throughout the Group.
Ukraine. The IMF predicted that the world would grow by
Before reviewing our performance, let me provide some 2.9% in 2023, below the 3.4% recorded in 2022.
context.
In Sub Saharan Africa (SSA), one of the most challenging
macroeconomic factors is rapidly rising inflation, reducing
household purchasing power and hurting industry. Cur-
OPERATING LANDSCAPE rency weakness in many SSA markets, including Ghana,
Nigeria, South Africa and Kenya, increased import costs,
In 2022, the global economy was negatively impacted by adding to already rising price pressures. The combina-
a combination of factors. These included a faster-than-ex- tion of inflation and foreign exchange weakness triggered
pected pace in tightening of global financial conditions, significant monetary tightening by central banks in SSA
as central banks of developed economies attempted to markets. SSA countries that have seen the most aggressive
contain inflation, that proved much higher and more per- tightening cycles in 2022 are Ghana (1,250bps increase to
sistent than originally anticipated. China’s aggressive ze- 27.00%), Malawi (600bps increase to 18%), Nigeria (500bps
ro-covid policies continued to impact growth in Asia. increase to 16.5%), Mozambique (400bps increase to
17.25%) and Uganda (350bps increase to 10%).
Uncertainty remains a significant feature in 2023 and the

Currency weakness has also created fiscal challenges as pacity and experience, is an important source of our com-
the burden of foreign debt repayments have risen. The petitive advantage. We invest continuously in our people.
currencies that recorded the sharpest depreciation in 2022 Over the span of more than seven decades of our operation,
include the Ghanaian cedi, the Ugandan shilling, the Sierra we have created an enviable pool of experienced, commit-
Leonean leone, and the Ethiopian birr. ted and highly competent personnel.
We have put in place a tested talent management approach

that enables us to build and deploy a highly specialised ex-
FINANCIAL PERFORMANCE pertise in banking through people development, a perfor-
mance-driven reward system and highly efficient human
Despite the significant macro-economic challenges, UBA
resource management tools.
performed extremely well, benefiting from the diversifi-
cation of revenue from our unique African footprint and
continued investment in our businesses in global financial
centres. Retirement of Directors
Among the many performance highlights, gross earnings In the course of the year 2022, two Non-Executive Directors
for the year grew by 31% to N853 billion, from N660 billion retired from the Board.
reported in 2021. Profit before tax was N201 billion, an in-
crease of 31.2% on the prior year. Ambassador Joe Keshi retired from the Board in August
2022 after twelve years of meritorious service to the Group.
Total assets increased 27.1% to N10.9 trillion, while deposits He served as Vice Chairman of the Board from August 2014,
grew 28.1% to N9 trillion and shareholder’s funds increased till the date of his retirement.
14.6% to N922billion.
High Chief Samuel Oni also retired from the Board as
In terms of asset quality, the non-performing loans (NPL) Non-Executive Director in December 2022, after eight years
ratio improved to 3.1% from 3.6% in 2021, a tribute to our of note-worthy service. He was the Chair of the Board Risk
capacity to manage risk and volatility. Management Committee prior to his retirement.
We closed 2022 with a Capital Adequacy Ratio of 28.3%, I would therefore like to extend my sincere appreciation to
comfortably exceeding the regulatory minimum, and rein- these two great ambassadors of ours for their invaluable
forcing our financial strength. contribution to UBA.
These results are particularly significant, when viewed in the

context of the macroeconomic uncertainty and volatility in
the Group’s key operating geographies during the financial Executive Transition
year.
The year also saw important changes within the UBA ex-
ecutive team, in line with our Group’s Succession Plan. In
August, following the expiration of executive tenures and a
STAYING ON MISSION lifetime of exceptional service to our Group, we announced
the retirement of members of our Executive Team headed
Complementing the outstanding performance within our by our erstwhile CEO and Group Managing Director, Ken-
businesses, we also achieved several other notable accom- nedy Uzoka. Retiring alongside Kennedy were Chukwuma
plishments during the fiscal year. In particular, the Group Nweke, Ibrahim Puri, Uche Ike and Chiugo Ndubisi.
commenced operations in the United Arab Emirates, open-
ing our fourth office in international financial centres out- I would like to thank Kennedy, Chukwuma, Ibrahim, Uche
side Africa. With the Group’s entry into the Gulf, UBA contin- and Chiugo for the leadership provided to the Group in tru-
ues to focus on its strategic intent to lead the way in doing ly engraining a customer-first culture and accelerating our
business in Africa. Collaborating with our franchise in 20 business transformation, the outcomes of which are evident
African countries and the major financial centres of London, in the Group’s results as reported here today.
New York and Paris, UBA UAE (DIFC Branch) will facilitate the
financing of trade and investment transactions between In line with our Succession Plan, the Board appointed Oliver
the Middle East and Africa, together with offering the Group Alawuba, our erstwhile Deputy Managing Director, to take
an entry point into Asian markets. on the reins of leadership of the Group as Group Managing
Director/CEO. Oliver brings over 25 years of banking and
financial services experience, with a reputation for strategic
insight and focused execution.
AN ENGAGED TEAM
Other executive appointments include Muyiwa Akinyemi as
The diversity of our employees in terms of competence, ca- Deputy Managing Director, Abiola Bawuah as Executive Di-

Strategy &
Business Review
rector, UBA Africa, Sola Yomi-Ajayi as Executive Director, Trea- As a global corporate citizen, we are making significant
sury and International Banking, Ugochukwu Nwaghodoh as steps to incorporate sustainability into our processes, and
Executive Director, Finance and Risk Management, Emem are pleased to be publishing our third, Sustainability Report.
Usoro as Executive Director, North Bank, and Alex Alozie as
Executive Director and Group Chief Operating Officer. 2023 signifies a key milestone year for the Group, as it is the
year that we commemorate our 75th Anniversary. It is there-
These leadership appointments further positions UBA to fore a year in which we will make a clear performance state-
lead as we progress in the new year with a core goal of de- ment towards our intent of industry leadership in Africa.
livering value for our customers and shareholders.
ACKNOWLEDGEMENTS
2023 OUTLOOK AND PRIORITIES
In closing, I would like to take this opportunity to extend my
Notwithstanding the difficult macroeconomic climate, the gratitude and best wishes to my colleagues on the Board,
Board of Directors and management team remain focused whose vision and valuable counsel have propelled the
on delivering on our purpose and strategy to drive long- Group forward.
term value creation.
I congratulate the Group CEO, Mr. Oliver Alawuba and the
Our strategy is matched with our mindset of relentless exe- rest of the executive team for their excellent leadership, ap-
cution. Therefore, our priorities for 2023 are very clear – it is plaud the drive and commitment of all our colleagues that
all about execution, execution and execution. are instrumental in delivering the results set out in this re-
port.
We have defined this collective mindset as UBA 4.0. Our ap-
proach is underpinned by our reputation for customer-cen- My appreciation also goes out to our regulators, our valu-
tricity, domain-depth and execution-excellence. Doing able customers, business partners and all other stakeholders
so, we will embed a culture where purpose, performance, who have partnered us in this exciting journey of growth.
teamwork, and a customer-first mindset combine to create
significant value for our stakeholders, including our commu-
nities, teammates, partners, and shareholders. Fundamental
to what we do is instilling a compliance culture across our
Chairman, Board of Director
organisation. As one of the very few African financial insti-
FRC/2013/CIBN/00000002590
tutions to operate across multiple global jurisdictions, we
operate a zero-tolerance approach to regulatory infraction.

Oliver Alawuba
Group Managing Director/CEO
Strategy &
Business Review
CEO’s Report
Dear Valued Shareholders,
I am humbly pleased to present this 2022FY report to you,

being my first, as the Group Managing Director/CEO fol- "We are positioned to
lowing the Board’s appointment of the current Executive
Management, effective August 1, 2022. Indeed, last year take Africa to the world
was significantly notable in the history of our Bank because
the appointment of the new Executive Management Team
and bring the world to
marked the fourth (4th) seamless succession of CEOs at UBA Africa through capital,
(since the merger of erstwhile STB and legacy UBA).
investment funds
On behalf of my colleagues, we accept the opportunity to
serve you our esteemed shareholders and the Bank in this flows, trade flows and
leadership position. I appreciate the best wishes expressed
by many of you since the announcement and I am further
remmitances flows"
grateful for the unflinchingly support of the Group Board
since our assumption of office. Africa – Nigeria, Ghana, Sierra Leone, Guinea, Liberia, and
The new team heralded in UBA 4.0. symbolising the en- Gambia.
trenchment of the ideals of ‘EXECUTION’, one of our core Collectively, we are committed to providing quality leader-
values: Enterprise, Excellence and Execution. Our promise is ship, conducive work environment for our workforce and
that “everything we do, we will do it well”. positive customer experience that will continually translate
We have since swung into action and revalidated our aspi- to improving the bottom-line and our shareholders’ value in
ration as follows: the short, medium and long term.
• To lead in Nigeria
• To lead in Africa Operating Environment
• To be amongst the 3 most profitable Banks and a Sys-
MACROECONOMIC REVIEW
temically Important Bank (SIB) in all the countries in
which we operate Global - Looking back, 2022 was a year of upheaval globally
and it came with significant headwinds across all markets.
In 2022, we won again! The Bankers’‘Bank of the year’ award
in Nigeria and six of our subsidiaries - Burkina Faso, Chad, The Russia-Ukraine conflict, rising inflationary pressure,
Guinea, Liberia, Sierra Leone and Zambia. tightening monetary policy stances by major central banks,
new waves of Covid outbreaks and related lockdowns, as
Also, the Bank opened additional operations in Dubai-UAE,
well as supply chain bottlenecks all took a heavy toll on the
increasing our presence to 24 countries, across 4 continents
global economy in 2022.
– Africa, America, Europe and Asia
Accordingly, in its October 2022 World Economic Outlook
We are positioned to take Africa to the world and bring the
(WEO), the IMF revised downward its projection for global
world to Africa through capital, investment funds flows,
output in 2023, while maintaining its GDP forecast for 2022,
trade flows and remmitances flows. We also remain focused
relative to its July 2022 WEO update. The IMF now expects
on simplifying trade and cross-border payment across the
global real GDP will slow from 6.0% in 2021 to 3.2% in 2022,
continent with UBA as one of the leading banks champi-
and 2.7% in 2023.
oning the Pan-African Payment and Settlement System
(PAPSS), an AfCFTA agenda and brainchild of Afreximbank Sub Saharan Africa - As in most parts of the global econ-
which is currently operating in six pilot countries in West omy, our presence countries have experienced significant

economic turbulence, contributing to highly challenging Profit Before Tax (PBT) increased by 31.2% to N201 billion
operating conditions for the Group’s entities. They had to from N153 billion recorded in 2021 while Profit After Tax
deal with restrained business activities, heightened uncer- (PAT) rose by 43.5% to close the year at N170 billion from
tainties and increased market volatilities, amongst others. N119 billion in 2021.
In Nigeria, our largest single market, economic growth In line with the overall objective of stimulating growth in
slowed to 2.25% year-on-year (YoY) in Q3 2022 from 3.54% the real sector, we grew our loan portfolio by N605 billion,
in the preceding quarter. The slowdown was mostly due to or 21.4%, from the prior year.
the weak performance in the oil sector, where the decline in
output further deteriorated with the negative numbers wid- We continue to maintain a close focus on cost efficiency
ening from -11.1% YoY in Q2 2022 to -22.3% YoY in Q3 2022. and strictly control operating expenses across the Group,
including our new strategic investments. Consequently, our
Similarly, Kenya’s economic growth slowed to 5.2% YoY in reported cost-to-income ratio stood at 59.2%.
Q2 2022, from 6.8% y-o-y in Q1 2022. The slowdown was
driven by a contracting agricultural sector amid drought In terms of capital adequacy, UBA boasts an excellent cap-
conditions, as well as weaker growth in most sectors except ital position with a Capital Adequacy Ratio (CAR) of 28.3%
education, information & communication, and electricity & - well above the regulatory requirement of 15%.
water supply.
We are committed to delivering improved performances in
During the year 2022, major credit rating agencies down- the years ahead.
graded their outlook on Ghana, reflecting market worries
that the country risked missing debt payments. Inflation
spiked to 54.1% in December, fuelled by a depreciation of 2023 AND BEYOND
the Ghanaian cedi and elevated global commodity prices.
As of December 2022, the cedi had clawed back virtually all Our primary business strategy is to continue to focus on the
the losses recorded during the year, boosted by the launch Customer – the ‘Undisputed Employer’, while leveraging the
of a debt exchange programme and the signing of the Staff key pillars driving our Customer First (C1st) Philosophy i.e.
Level Agreement with the International Monetary Fund. People, Process and Technology, in delivering positive ex-
periences across all our touchpoints – physical and virtual.
In addition, our dedicated workforce (People) is very critical

INDUSTRY TRENDS to us. We will constantly strive to simplify and streamline our
processes, ensure systems stability and reliable IT architec-
The Banking industry in Sub-Saharan African (SSA) coun-
ture to support our operations.
tries in 2022 was defined by a rapidly evolving regulatory
landscape. Mirroring the hawkish monetary policy stance Going forward, we have harmonised our forward-looking
in developed markets, regulators in the in most of the SSA commitments as follows:
countries, where we operate raised interest rates in 2022.
• To continue to drive exceptional customer experience
Among others, the Central Bank of Nigeria (CBN) has steadi- at all touchpoints, irrespective of the customer seg-
ly raised its Monetary Policy Rate (MPR) by a cumulative of ment or delivery platform.
650bps to bring the benchmark rate to 18%. • Achieve top 3 ranking in customer satisfaction survey,
Furthermore, the CBN increased the Cash Reserve Ratio in all categories, in Nigeria and similar ranking in other
(CRR) from 27.5% to 32.5% but opted to retain the asym- subsidiaries.
metric corridor at +100bp and - 700bp around the MPR and • Always ensure zero tolerance to policy and regulatory
kept the liquidity ratio at 30%. infractions groupwide.
• Continue to focus on resolving all people-happiness
related issues, including the deployment of new effi-
FINANCIAL HIGHLIGHTS cient Performance Management System to improve
our reward management effectiveness.
Despite volatile market conditions and many operational
challenges, your Bank continued to deliver on key strengths • Drive aggressive digital banking deployment and
built in the past years. adoption, supported with reliable IT platform and posi-
tion UBA as a digital-led bank.
For the year ended 31 December 2022, UBA delivered gross
earnings of N853 billion, up 29.2% on the prior year. As a • Continuously pay attention to ambience and brand
result, we recorded an operating income of N593 billion, enhancement in all locations.
representing an increase of 33.3% from N443 billion in 2021. • Continue to deliberately embed the tenets of Environ-

Strategy &
Business Review
mental, Social and Governance (ESG) in our strategy, CONCLUSION

policies, operations and activities in a manner to gen-
erate sustainable value for all our stakeholders Group- Our accomplishments in the past year notwithstanding, it
wide. is a solid conviction of the Management and Staff that with
your continued support we can always achieve our collec-
Furthermore, I am pleased to inform you that we have de- tive aspirations and timely too.
ployed a Smart Process platform. The solution enables staff
to access and approve documents online anytime, thereby Once again, on behalf of the Executive Management, I want
increasing efficiency Groupwide. to specially appreciate all our stakeholders for the dedica-
tion to UBA Group’s success as we forge ahead to achieve
Similarly, the Bank has implemented a Fraud Mitigation and greater heights in 2023 and beyond.
Behavioral Monitoring Solution which would assist in track-
ing customer’s transaction pattern with a view to proactive- God bless you all.
ly eliminate fraudulent transaction tendencies through a
Oliver Alawuba
customer’s account.
Group Managing Director/CEO
FRC/2022/PRO/DIR/003/589226

03
Sustainability
and Responsibility
Sustainability
Corporate Social Responsibility
Sustainability and
Responsibility
Scope of Report Executive Management Committee
This report highlights UBA’s sustainability strategy, activities, The Executive Director in charge of Risk Management
and programmes during the 2022 financial year. It presents through the Executive Management Committee,
our approach and contribution to sustainability, looking at constitutes sustainability champions for the management of
the most material issues to our business and stakeholders sustainability issues across the Bank. Each functional head is
across the group. responsible for identifying and assessing the sustainability-
related risks and opportunities in their operations and
processes.
Our Approach The members include:
Our vision to be the undisputed leading and dominant i. Chief Sustainability Officer
financial services institution, has inspired a strong
environmental, social, and governance (ESG) performance ii. CEO UBA Foundation
at UBA and we work collectively toward a more inclusive
iii. Group Legal Counsel
and sustainable future. We aim to be a positive change
agent across our footprint by connecting, enriching, and iv. Head, HCM
supporting our communities. We understand that we thrive
when the businesses and communities around us thrive. v. Head, Operations
We aim to enrich the lives of our customers, colleagues,
and communities, as well as help to secure financial success vi. Head, Credit Risk Management
by contributing to solutions and making a positive impact
vii. Head, Customer Fulfilment Centre
through our products, services, and the CSR arm - UBA
Foundation. viii. Head, Corporate Services
ix. Head, ESRM/Sustainability
Governance
The Board and senior management of UBA view ESG as an Environmental and Social Risk management team
important, shared responsibility, with ESG updates as a part
of the quarterly Board meeting agenda. ESG matters are part The Environmental and Social Risk Management team is
of our corporate governance policies and embedded in our headed by the ESG manager who is responsible for the daily
corporate governance structure. assessment and management of the sustainability-related
risks and opportunities in the bank.
Board of Directors and Board Committees

Our Sustainability Strategy
The Board Audit & Governance Committee, as part of its
Charter, is responsible for the Bank’s ESG/ Sustainability As Africa’s Global Bank, UBA is committed to the highest
initiatives and practices. sustainability standards in our business practices and
operations. We are at the forefront of consistently delivering
The relevant board committees met during the period to sustainable financial services in Nigeria and across all our
consider the ESG issues that were material to the bank during countries of operation. The Bank’s strategic intent is to
the period. For a detailed description of the activities and commit 1% of the group’s annual profit to its Corporate Social
composition of the board, refer to the page on Corporate Responsibility (CSR) activities geared towards protecting
Governance in the 2022 Annual Report and Account the integrity of the environment, promoting educational

Corporate Strategy & Governance Financial Investor Corporate
Profile Business Review Statements Information Information
Sustainability
& Responsibility
endeavours, fostering economic empowerment, as well Material ESG Topics and Stakeholder
as supporting other sustainable projects. The focus is to Engagement
enable activities that support the Paris Agreement, and the
United Nations Sustainable Development Goals (SDGs). In 2022, we engaged our internal and external stakeholders
Our sustainability strategy ties closely to our corporate and conducted a materiality assessment to identify
vision, which is to be the undisputed leading and dominant sustainability-related risks and opportunities that could affect
financial services institution in Africa. This corporate vision the bank’s business model, strategy and cash flows, its access
is the backdrop for our sustainability vision, which focuses to finance, and its cost of capital over the short, medium, or
on promoting excellence by building a sustainable financial long term. Also, the assessment was to validate and inform
institution that supports the execution of environmentally UBA’s current and future strategy, deepen engagement with
and socially responsible endeavours. The Bank’s sustainability stakeholders and support our ESG reporting and disclosure.
vision is wrapped tightly around UBA group’s commitment The assessment integrated internal and external perspectives
to put the customer first - we see the customer as our to inform the Bank’s ESG approach and to ensure it is well-
most revered stakeholder and our employer. Therefore, aligned with its overall corporate strategy and market trends.
our responsibility is to provide financial intermediation,
Our stakeholders include customers, regulators, employees,
and empower communities, connect diverse ethnicities,
shareholders, suppliers/vendors, and the communities where
and create intergenerational wealth. Sustainability is a key
we operate. It also includes other entities that can influence
component of UBA’s management processes, it underpins
us or that can be influenced/affected by our activities and
our corporate values of Enterprise, Excellence, and
operations.
Execution. The group’s sustainability policy and framework
clearly capture our sustainability targets. Our policies and The objective of the engagement is to identify, collate,
frameworks are based on local and international principles analyse, and understand the issues and concerns dearest to
and guidelines such as the Nigerian Sustainable Banking our stakeholders. Also, to identify, manage and implement
Principles (NSBP), Nigerian Stock Exchange Sustainability responses to sustainability-related risks and opportunities.
Disclosure Guidelines, Equator Principles, and others. These Through these continuous engagements, we identified the
guidelines enable the Bank’s processes and serve as the best way to address our customers’ concerns and position
compass that guides us, in identifying and addressing issues our strategic and tactical responses on a sustainable
critical to our stakeholders. path. These feedback mechanisms also inform our
communication options, ensuring that we use the best
media to communicate with all our stakeholders. Some of
ESG Strategy the conventional approaches we used for data collection
include expert opinion, surveys, focus group discussions
Our ESG strategy is supported by four pillars– Environmental (FGD), direct and indirect interviews, site visitations, and
Action, Economic Resilience, Inclusive Society, and virtual meetings.
Leadership/Governance. This is embedded in our business
model. We leverage our business platform to create the
condition for sustainable and inclusive economic outcomes
by proactively identifying and mitigating potential ESG risk
Risk Management
material to our business, pursuing business opportunities, UBA’s risk management strategy is based on an embedded risk
and demonstrating leadership. management process starting from the strategy formulation
level to the business unit decision-making stage. One of
We finance and invest in activities and initiatives that align
the objectives, as encapsulated in the bank’s enterprise risk
with these pillars. We recognise the linkages between
management policy is to evaluate the strategic risks faced
good governance, environmental responsiveness, and
by the group in the continuously evolving environment.
social inclusiveness as the bedrock of sound financial
In keeping with this objective, we have assessed the
performance. For this reason, UBA has continued to push
sustainability-related risks and opportunities associated with
financing, investment efforts, and products toward providing
UBA’s business model as below.
appropriate support to stakeholders through the years.
Impact of Sustainability-Related Risks and Opportunities on Business Model

In the first decade (2020 – 2030), we do not anticipate any major shift in our business model because of sustainability-related
risks. This is due to our expectation of low alterations in the structure of the economies, markets, and technologies in Africa. The
impacts will become increasingly noticeable from 2031, towards the early periods of 2050. Beyond 2050, we expect extreme
impacts on our business model if left unchecked. However, the opportunities are more immediate than the risks. We expect
immediate and short-term gains from the transition to low-emission technology.
The above assessment is drawn from the International Energy Agency’s (IEA) 1.50C emissions scenario by 2050.
Sustainability-related Risks & Opportunities Identification
An entity’s sustainability-related risks and opportunities arise from its dependence on resources and its impacts on resources.
Also, risks arise from the relationships it maintains. The concept of double materiality highlights the fact that an entity may be
affected positively or negatively by those impacts and dependencies. UBA’s business model depends on its stakeholders who
affect and are affected by our activities. We have identified some risks and opportunities that can emanate because of the
relationships and dependencies we share with stakeholders. The implications of these for the bank’s cash flow and financial
performance are clearly articulated in the later segments of the annual report and accounts. Also, below are the issues identified
by our stakeholders as being material for the period under review.
Stakeholder Group How we interacted Material issues raised How we responded

• Implemented the Voice of Customer initiative
to gather feedback from our customers and
evaluate their experiences across all our service
touchpoints.
• Designed an experience hub to aggregate ideas
from our internal customers to innovatively
improve our service delivery to our customers.
• Need for adequate 200 innovative ideas were received during the
feedback from staff period.
members on customer-
related issues. • To continuously deliver exceptional service to
our customers, our Bank-wide C1st Sessions- an
• Engaged in in-person
• Quality of service to the initiative aimed at instilling appropriate customer
dialogue across the
customer and product-related knowledge in all staff, held
branch network
all year long. 47 C1st-day sessions held in 2022,
• Optimization of services focusing on a wide range of customer-focused
• Social media
rendered to customers topics. This is higher than the 43 sessions that we
• Contact centers had in 2021.
• Provision of a conducive
Customers Feedback through
environment for • To ensure that all customers are serviced in a
survey
customers conducive environment we introduced a branch
• Relationship ambiance certification initiative for our new
• Improved product
managers outreach branches in 2022. Seven (7) new branches were
quality- Loan pricing,
accessibility opened, and certified in 2022.
• Stability and security of • Provided support to MSMEs with working capital

channels and platforms. loans, Asset finance, School Owners’ loan, health
loans, and much more. We supported over
22,000 MSME customers during the period. This
is a 340% increase from the number of MSME
customers supported in 2021.
• In 2022, UBA upgraded its information and Cyber
security systems to effectively manage frauds.
We complied with the following standards: ISO
27001, ISO 27701, ISO 27017, ISO 27032, PCI DSS,
Swift CSP, and NDPR for information security.
• Assessment of • Improved engagement

• In 2022, 11 vendors were assessed for
prospective suppliers process for vendors,
Suppliers compliance with ESG standards as against 6 in
for code of ethics and pricing, and payment
2021.
ESG. terms.

Sustainability
& Responsibility

• The “Star of the week” initiative was
developed to recognize staff members that
deliver exceptional customer experience
• Employee recognition during the week. In 2022, 459 Staff, 13 Branches
• Employee and awards. & 15 Departmental teams were recognized,
engagement survey celebrated, and rewarded across the bank.
• Staff Knowledge
• Email and intranet enhancement • 310 staff knowledge enhancement trainings
held in 2022 compared to 266 in 2021.
• Executive chats • Staff remuneration and
career growth • A total of 1,200 employees were promoted in
Employees • Ask Me Anything 2022 vs 700 in 2021.
(AMA) session • Employee health,
well-being, and work • The 2022 annual wellness check for all
• In-person and teams condition. employees was conducted with all expenses
meeting covered by the Bank under the Health
• Virtual events Maintenance Organizations (HMO)scheme.
• The Bank met its target (4 jogging to bond
activities) for the quarterly Jogging to Bond
initiative in 2022. The objective is to help
employees stay fit and healthy while having fun.
• We have continued to monitor and report the
bank’s exposure to transition and physical risk. In
2022, 34.54% of the bank’s loan book in Nigeria
was exposed to transition risk vs 40.21% in 2021.
• As part of our NetZero ambition, the bank plans
• Management of the to reduce its emission by 10% by 2060. We have
bank’s exposure to initiated a process for estimating our financed
• Annual General transition and physical emission baseline in conjunction with S&P
Meeting risk Trucost.
• In-person and virtual • Net zero target and • A total of 12 monthly ESG reports, and 2
Shareholders and Meetings climate change quarterly Board reports were published in 2022
Investors • Annual and quarterly initiatives vs 12 and 1 respectively in 2021.
reports • ESG disclosures • Our disclosure is based on GRI methodology and
• Interaction with ESG/ • Annual account recommendations by the TCFD (Task Force on
DFI agencies disclosures Climate-Related Financial Disclosure)
• We have continued to publish our standalone
sustainability report in addition to the ESG
disclosures included in the annual financial
reports. Limited assurance is provided by Ernst &
Young for our sustainability report.
• It is published in English and French.

• To ensure financial inclusiveness, we embarked
on the production of braille-enabled account
opening packages for the blind.
• UBA foundation partnered with UNICEF and
other 10 global businesses to empower 1 million
girl-child in developing countries with high skills
and 12 years of education.
• National Essay Competition (NEC) initiative to
develop the intellectual and writing abilities
of senior secondary school students in Africa.
Over 5,000 entries were received, and 3 winners
emerged.
• Read Africa, an initiative of the UBA Foundation
aimed at rekindling the dwindling reading
• Financial inclusion culture amongst African youths. Over 20,000
books were shared in the group.
• Community partnership
in education, • UBA Foodbank, the 3rd edition of an annual
empowerment, and initiative where over 1,500 members from our
• Our CSR arm-UBA environment host communities are offered meals, and other
Foundation essentials of living.
• Climate action – Net
Communities • In-person and virtual Zero targets • Staff members gave their time and shared skills
Meetings and knowledge with their communities across
• Partnership on green the continent through the Bank’s Each-One-
finance/renewable Teach One initiative.
products and services
• UBA Foundation donated 3000 seedlings,
• Avenue to address planted at Kaptagat forest, an important water
community grievances. catchment area in Eldoret, Kenya.
• UBA Foundation, also provided sponsorship
support to the Shout Climate Africa Institute
in its awareness-raising campaign on
environmental issues in Sierra Leone.
• Partnership with the Nigerian Conservation
Foundation(NCF) to preserve the natural
resources and biodiversity of Nigeria.
• Global Plastic Action Partnership (GPAP),
a multistakeholder platform dedicated to
translating commitments to reduce plastic
pollution and waste into concrete action.
• Partnership with SUNREF to support renewable
and energy efficiency initiatives.
• Dedicated Email for community engagement.
• Engaged stakeholders to improve disclosure of
Environmental and Social performance through
reporting progress on the implementation of the
• Improvement of NSBP
Nigerian Sustainable Banking Principles (NSBP).
reporting framework
• Improved our sustainability reporting standard
• Adoption of IFRS
by incorporating some features of IFRS
reporting standards for
standards. We shall be adopting full IFRS S1&2 for
sustainability reports
• Dialogue with our disclosures in the coming years.
Regulators policymakers and • Implementation of the
• The bank established a net zero target as part
regulators Climate change act
of its commitment to climate change and
• Disclosure of incorporated a climate change action plan into
Environmental and its processes.
Social performance
• We submitted the Bank’s sustainability report
to the NSE in compliance with the disclosure
framework.

Sustainability
& Responsibility
Metrics and Targets Staff Engagement
In 2022, the bank established a net zero target as part of its • N114.3Bn as a distributed benefit to our employees in
commitment to climate change. Below are our high-level 2022 vs. N93.2Bn in 2021.
ambitions.
• N3.907Bn as total training and human capital
1. Becoming a net zero bank: expenditure in 2022 vs. N1.768Bn in 2021.
• Be net zero in our operations and supply chain by • A total of N5 million was spent on occupational
2050 or sooner health and safety training in 2022 with a total of 1,460
program hours vs N 5.5 million in 2021.
2. Aligning Lending and Financing emissions to Net-
zero by 2050 or sooner • The total number of sustainability training conducted
was 310, with specific training on IFRS, Sustainability,
• Align our financed emissions to achieve net zero by and ESG risk rating targeted at the credit risk
2050 or sooner. directorate up from 266 conducted in 2021.
3. Supporting our customers: • Wellness training session was held for 307 sales
leaders in 2022
• Support our customers in the transition to a
sustainable future with $500mn to $1bn of
sustainable finance and investment by 2050
Women Empowerment
4. Promote new climate solutions:
• Females on board level membership increased to
• Promote the transformation of sustainable 47% in 2022 from 31 % in 2021.
infrastructure and create a pipeline of bankable
projects. • 44% of the total staff in Nigeria are female employees
same as in 2021
• Females at the senior management level in Nigeria

Additional Impacts increased to 33% in 2022 from 23% in 2021.
Customer Experience • Total expenditure on capacity building on female

employees increased to 44% in 2022 from 40.5% in
• The bank’s financial inclusion drive continued to
2021.
grow as we now have 200,000 agents across Nigeria,
up from 100,000 in 2021.
• The bank supported over 22,000 SME customers with Diversity

access to MSME financing in 2022, an increase from
5,000 SME customers supported in 2021. • A well-diversified people from 4 continents in 2022 vs
3 continents in 2021.
• The bank’s self-assessment CSAT rating was at 69% in
2022. This is still below the target of 90% set by the
bank.
Environmental Stewardship and Awareness
• 47 CX topics discussed at the weekly C1st sessions in
• 3000 seedlings donated by UBA Foundation to be
2022 vs 43 CX topics in 2021.
planted at Kaptagat, Kenya
• 119 ATMs powered by alternative energy sources

Community Engagement (PAEs) in 2022 vs 183 ATMs PAEs in 2021.
• N8.1Bn distributed value to the government in 2022 • UBA Nigeria’s Scope 1&2 emissions declined to
in the form of income tax vs N34.4Bn in 2021. 44,188.74tCO2e in 2022 vs 47,339.90tCO2e in 2021.
• N1.337Bn donation in 2022 Vs N1.405 Bn in 2021
• In support of SDG 2, 1,500 people were impacted

through the UBA community feeding Programme in
2022 up from 1,300 people in 2021.

Sustainability
& Responsibility
UBA Foundation
The Foundation draws its inspiration from the Group’s students in Ghana, Liberia, Cameroon, Burkina
intrinsic values of humility, empathy, resilience, integrity, Faso, Benin, CDI, Senegal, Mali, Congo DRC, Congo
and its mission statement; “to be a role model for African Brazzaville, Gabon, Guinea, Mozambique, Kenya,
businesses, abiding by the utmost professional and ethical Zambia, Uganda, Tanzania, Tchad and Sierra Leone
standards, and creating an enduring institution”. These values and Nigeria
inspire the bank to ‘Do Well and Do Good.’ By extending
the hand of partnership to the communities with which Year Book No. of Copies
we do business, the Group aims to ensure that goodwill Weep Not Child by
is cultivated and that our operations are sustainable and 2012 21,850
Ngũgĩ wa Thiong'o
beneficial.
Things Fall Apart by
2013-2014 23,970
The UBA Foundation is the CSR arm of the bank and Chinua Achebe
remains a role model for other corporate organizations in What Sunny Saw in
Africa, in its dedication to changing lives on the continent. 2015- 2016 the Flames by Nnedi 24,000
UBA Foundation embodies CSR as it really should be - as Okorafor
a corporate contribution towards promoting sustainable The Fishermen by Chigo-
development in communities through its focus areas: 2017 20,000
zie Obioma
Environment, Education and Economic empowerment.
Fine Boys by Eghosa
2018 20,000
Imasuen
2019- 2021 Segou by Marye Conde 34,000
EDUCATION
In the company of Men-
20,000
A highly educated and well-informed youth is critical to Veronique Tadjoe
2022
the future of Africa. Quality education is therefore crucial The Deep Blue Between
16,000
in developing the manpower needed by Africa to exploit by Ayesha Haruna
emerging opportunities and propel the continent to higher Total: 179,820
levels of development. For this reason, the Foundation books
is actively involved in facilitating educational projects
and bridging the literacy gap on a pan-African scale. • READ AFRICA ZAMBIA
The education pillar of UBA Foundation guarantees this
commitment. UBA Zambia, under the UBA Foundation’s Read
Africa Initiative, donated 200 African literature books
• READ AFRICA 2022 valued at K45,954 to Kabulonga Girls Secondary
School on the 25th of March, on the 16th of June
The UBA Foundation’s Read Africa Program started books were donated to Lilayi Secondary school
in 2012. The initiative is geared at rekindling the and 160 African Literature books to Arakan Girls
dwindling reading culture amongst African youths. Secondary School on the 29th of July, in an effort
Our children no longer read; their passion for reading to improve the reading culture among the country’s
informative and educative books is fast eroding and youth, we also donated 160 African literature books
UBA Foundation desires to ensure that the youths valued at K31,000 to Lusaka City Council Matero
continue to engage in the reading culture in order Library. The 160 African literature books are a major
to improve their knowledge base. addition to the library which opened in 1964. The
donation will help provide a wide variety of reading
Since its inception, the UBA Foundation has
materials for the community of Matero. The event
donated approximately over 179,800 books to
happened on the 28th of July,2022.

• READ AFRICA BENIN the UBA Group. Post Covid-19 Pandemic the National Essay
Competition Initiative became revised and the Foundation
As part of the celebration of the International Day decided it would be more acceptable online. In 2022, all
of the African Child on the 16th of June 2022, UBA applications were submitted and judged virtually.
Foundation donated over 300 books to pupils and
students of Robert DJINDONU School complex and There was a significant 40% increase in total prize money
to the Learners Council of Educational Activities, awarded. In Nigeria, the grant awarded for this year’s
Porto-Novo, Benin (CAEB). competition is as follows:
• READ AFRICA NIGERIA 1st place- N5 million educational grant.
On June 16, 2022, the MD/CEO, of UBA Foundation, 2nd place- N3 million educational grant.
Bola Atta, spent the morning reading a copy of
“Segou” by Maryse Conde with the students of 3rd place- N2.5 million educational grant.
Joef Dynamic College, Obalende Lagos, and had a
chat with the students about topics ranging from Number of
Year
financial literacy and the importance of imbibing Country Finalists Scholarships
Established
a good reading culture to developing business Provided
acumen and following through passionately. Nigeria 2011 156 39
The Foundation also presented books, and other Ghana 2014 96 24
educational materials to the school and encouraged Senegal 2014 84 21
the students to continue to prioritize their education
Sierra Leone 2020 36 6
as it remains the key to a successful future and the
development of the African continent. Guinea 2020 24 6
Uganda 2022 10 3
• READ AFRICA CONGO DRC
Total 406 99
On the 24th of June, 2022, UBA DRC proceeded to
At the end of this year, we would have successfully awarded
donate A total of 870 books. “En compagnie des
30 additional students’ scholarships to African Universities of
hommes” were distributed and 40 workbooks for
the applicants' choice and 110 students would have been
students to schools in the city of Lubumbashi in the
empowered with brand new laptop computers in Nigeria,
province of Haut Katanga and Kinshasa. A total of
Ghana, Senegal, Guinea and Sierra Leone.
5 schools benefited from this donation: 1.) Malaika
Foundation 2.) School Age d’Or 3.) School Le • NEC Nigeria
Printemps 4.) Imara College 5.) School Chretienne
Source de Vie. After receiving and assessing over 5,000 essays, the
UBA Foundation hosted the NEC 2022 Grand Finale
• READ AFRICA TANZANIA on 14th of November, producing the following
winners
United Bank for Africa Tanzania through its Read
Africa Initiative, joined the rest of the world to
Position Name School
celebrate African children on the 16th of June by
donating over 800 literature books to 2,400 students Federal Government
1ST Usungobong
at Kurasini Secondary School located in Dar es Girls College, Ikot Ibio
N5,000,000 Paul
Salaam with the aim of raising awareness for the Itong, Akwa Ibom State
underprivileged children in Africa and highlighting 2ND Princess Value Spring College,
the need for continuous improvement in education. N3,000,000 Sholabomi Lagos
3RD Sharon
Ota Total Academy
N2,500,000 Nwajiakwu
NATIONAL ESSAY COMPETITION 2022
The UBA Foundation hosted the 2022 edition of the • NEC GHANA
National Essay Competition, which is targeted at senior
On the 14th of February 2022, we held the Ghana
secondary school students in Africa. This programme is part
edition of the NEC 2022. The event brought
of the Foundation’s education initiative to promote literacy
together about 100 guests to witness the top three
and encourage healthy and intellectual competition among
winners, who were presented with their awards. At
secondary school students in Nigeria and across Africa.
the end of the event, Amanor Yohunor, a student
The National Essay Competition was birthed in 2011 and from Ghana Secondary School-Koforidua emerged
since then, has been replicated in several countries across winner, whilst Michael Kissi Asrifi (Legon Presec)
and Ayishatu Adamu (Presbyterian Secondary

Sustainability
& Responsibility
and Technical School, Aburi) emerged 1st and 2nd EMPOWERMENT
runner-up, respectively.
UBA Foundation aims to foster sustainable empowerment
• NEC GUINEA in the lives of the needy and underprivileged by supporting
entrepreneurship programmes that benefit the community
On April 29, 2022, UBA Guinea presented and at large, social entrepreneurship schemes, skills acquisition,
awarded prizes to the winners of the second edition and entrepreneurship conferences.
of the National Essay Contest 2022. This competition
was open to all secondary school students in • EACH ONE TEACH ONE ZAMBIA
Guinea and over 2000 students participated in this
second edition of the NEC. In total, 12 students The UBA Foundation in Zambia continues to push
received a laptop each, and the 3 winners of the for financial inclusion and financial literacy among
competition each received a scholarship worth 10 vulnerable women in communities. The Foundation
million Guinean francs educated vulnerable women in Petuake district
about the importance of financial education
• NEC SENEGAL and literacy and offered banking services for the
unbanked.
On May 28, 2022 UBA Senegal conducted the finale
of the National Essay Competition and presented • INTERNATIONAL WOMEN’S DAY
the winner’s edition grants and laptops. This year,
over 5000 students participated in the competition. As part of International Women’s Day activities, we
The 12 finalists all won laptops and the 3 finalists got organized an all-female discussion on breaking the
educational grants of 2,500,000 CFA, 2,000,000 CFA, bias and how women can be a champion to other
and 1,500,000 CFA respectively. The school with the women in their homes, schools, workplaces, and
highest number of entries also won 1,000,000 CFA communities. The event was held at the Ghana
Shippers Authority Conference Hall on Tuesday, 8th
• NEC UGANDA of March, 2022.
On August 17, UBA Uganda launched the first

edition of the National Essay competition, open to
all secondary school students. The launch of the ENVIRONMENT
competition had in attendance the country CEO,
UBA Foundation maintains gardens across Nigeria and
representatives from the ministry of education, and
Sierra Leone. Apart from the aesthetic and environmentally
press members.
friendly values associated with the projects, in these
The winner, Amumpaire Hanah Terisah of Ndejje focus areas, UBA Foundation also creates employment
SSS received of a UGX 3,500,000 scholarship and opportunities for the youth and underprivileged. The
a laptop. Mr Kimara Jonathan of Bishop Cipriano Foundation in 2022 continued to show its commitments to
Kihangire emerged as the 1st runner-up and society towards promoting a greener environment.
recipient of a laptop. Mr Odeke Richard Ekituno of
Gardens
Jinja College emerged as the 2nd runner-up and is
also a recipient of a laptop. • Beautification and maintenance of UBA Foundation
managed roundabout in Marina.
• NEC SIERRA LEONE • Upgrade and maintenance of the roundabout
along Okpanam Road Asaba.
UBA Sierra Leone in collaboration with the Ministry
of Basic and Senior School Education launched • Beautification and maintenance of the recreational
the 3rd edition of the National Essay Competition park at Wallace Johnson Street Freetown, Sierra
in Sierra Leone. The topic for this year’s essay was Leone.
“Transforming Education requires collective effort • Beautification and maintenance of Chad Garden.
including that of families and communities.
Discuss specific interventions from families and
or communities that can improve the quality of
education” .
TREE LIGHTING CEREMONY
The competition for Senior Secondary School
students to enhance their writing and critical The UBA Foundation Lighting Ceremony took place on
analytic skills and to stand a chance to win Nov 29th in Lagos, Nigeria. This event was a kickoff for the
scholarships up to Le 50 000,000 yuletide celebrations. The garden lighting event served as
a symbol of celebration of all the wins for the year and a
celebration of hope for the next year. It was an opportunity

for staff members to celebrate together and rejoice over • SHOUT CLIMATE AFRICA INSTITUTE
the end of a beautiful year. The lighting ceremony featured
Christmas carols from our remarkable CFC choir, and an UBA Foundation provided sponsorship support to
encouraging message from the GMD, Mr. Oliver Alawuba the Shout Climate Africa Institute in its awareness-
to the staff members present. Since the event was held on raising campaign on environmental issues in Sierra
a Tuesday, which doubled as ‘‘Giving Tuesday’’ in the world Leone. In light of that, UBA Foundation bagged
with respect to the advent period, UBA Foundation ensured the National Climate Partnership Award in Sierra
each staff member went home with a gift. Leone. The award was given to the Foundation by
Shout Climate Change Africa in collaboration with
• KENYA TREE PLANTING INITATIVE the Ministry of the Environment. The well-attended
event took place at the Radisson Blu Mammy Yoko
UBA Foundation donated 3000 seedlings to be Hotel on Friday, 6th May, 2022.
planted at Kaptagat, which is a forest and an
important water catchment area in Eldoret. This • SIERRA LEONE SANITARY PAD DONATION
took place on the 15th of July, 2022.
UBA Foundation sponsored and supported the free
UBA Kenya received an honorary certificate for distribution of sanitary pads in Sierra Leone. This
participating and donating to the cause. event was in partnership with the 1st Lady of Sierra
Leone, Her Excellency Mrs. Fatima Maada Bio. The
free sanitary pad distribution was done across the
country on the 9th of June, 2022.
SPECIAL PROJECTS
• WORLD MALARIA DAY
Projects that do not fall under the three primary areas of the
foundation (Education, Environment, Empowerment) form UBA Foundation in Brazzaville, Congo held The
the Special Projects focus area. We believe in intervening Malaria National Program on the 25th of April, 2022
and capacity building, within the community to help them in commemoration of World Malaria Day.
in embarking on projects that act as a catalyst to social and
economic development. Some of the contributions and The Malaria National Program drove home
donations, the Foundation makes to improve adverse living communication and health measures to fight
conditions, include the following: against malaria in the country. Mosquito nets
were distributed in areas with high exposure to
• UBA FOUNDATION FOOD BANK mosquitos, especially populated areas with children
and pregnant women. On the 25th of April, 2022, the
In the spirit of the season, UBA Foundation
National Malaria Program inaugurated its renovated
celebrated the end of the year, by feeding over 1500
headquarters with the help of the UBA Foundation,
members of the community at the UBA Foundation
the Government, and several international NGOs,
Garden in Marina, Lagos Nigeria, this show of love
that were present.
was also rippled across various host communities
in Africa. This event took place on Friday 23rd of • CAMEROON ACHA EYE HOSPITAL PARTNERSHIP
December, this was the 3rd edition of the UBA
Foundation Foodbank, and this year the members The UBA Foundation in Cameroon organized free
of the host community, did not only get food and eye screening for customers and the general public
drinks but also got hygiene products and other throughout 2022 in Yaounde, Limbe, Bafoussam,
gifts. and Douala branches. This exercise took place on
the following dates: the 23rd of February and the
To spread the love during this event, the Group 8th of March in Douala, the 29th of April and 25th of
Managing Director, Mr. Oliver Alawuba, the May in Yaounde, the 30th of June in Bafoussam, the
Executive Director, Group Operations, Mr. Alex 5th of August in Limbe, the 25th of August, 27th of
Alozie, and staff members joined the MD/ CEO of September and 25th of October in Douala, and 2nd
the Foundation, Mrs. Bola Atta. of December in Yaounde.
• BREAST CANCER CAMPAIGN
UBA Foundation sponsored the Thinking Pink • BURKINABE BASEBALL FEDERATION SPECIAL DAY
Breast Cancer Foundation as part of honoring FOR PEACE PROMOTION
the post-celebration of World Cancer Day, the
UBA Foundation provided sponsorship support Since 2015, Burkina Faso has been the target of
of Le 15,000,000 to Thinking Pink Breast Cancer many terrorist attacks. Besides the military response,
Foundation to help in the awareness raising of some social and sportive activities are organized
breast cancer among people. regularly to promote and reinforce peace and good

Sustainability
& Responsibility
life in the community. The “Burkinabe Baseball special develop their public speaking skills through debate
day for peace promotion” is one of their activities. As competitions.
any responsible institution, it was important for UBA
Burkina to participate in the promotion of peace. • DR CONGO EACH ONE TEACH ONE
• LIBERIA CHESS FEDERATION UBA DRC was invited to participate in a Malaika Talk
Show session, a session that has the same objective as
A donation of US $3,000 was donated to Liberia Chess the UBA Foundation’s Each One, Teach One initiative.
Federation in preparation for International Chess Day, It was an impactful session of experience sharing and
which was celebrated in July 2022. The amount was capacity building for every attendee of the event.
also used to sponsor 14 members of the Chess team
to attend and participate in the 44th World Chess • ZAMBIA FINANCIAL LITERACY GROUP
Olympiad which took place in Chennai, India from
The UBA Zambia team organized a Financial Literacy
July 28 to August 10.
Programme donated clothes, shoes, food, diapers,
• SIERRA LEONE YOUTH EMPLOYMENT AND and all other things that consist in the well-being of
ENTREPRENEURSHIP FAIR the babies and many others. UBA Zambia under the
UBA Foundation partnered with TomWare Limited
UBA Foundation supported the Government of Sierra for a Financial Literacy Programme and Branch Tour
Leone, through the Office of the Vice President, to in recognition of financial inclusion efforts of UBA
host over 500 promising young Sierra Leoneans, Zambia.
aged 18-35 years, from across the country at its first
National Youth Employment and Entrepreneurship
Fair (NYEEF). The objectives of NYEEF are to connect
MENTAL HEALTH ART PROJECT
final-year students and job seekers to employers and
place them in decent jobs, to improve the ability of In a bid to end the stigmatization associated with mental
students to apply for and secure jobs, and to enhance health, we embarked on an awareness drive with the Inside
the competencies of young people, who choose Out Project. We used photography, as a tool of art, we took
entrepreneurship. pictures of volunteers that consented to be a part of the
awareness drive in our host communities to help spread
• SIERRA LEONE SUPPORT TO POWERWOMEN 232
the word and acknowledge that “It’s Okay to Not be Okay”.
UBA Foundation supported PowerWomen232 to This initiative was meant to spark global change locally by
host PowerFest. PowerWomen232 is a network of creating awareness of mental health. The goal is to challenge
professional women and entrepreneurs who came stereotypes associated with mental health wellness and
together in 2014, to promote career advancement affirm our support for those in the tribe that wanted to share
and development in all fields, through networking, their experiences. We hoped to stomp out the stigma that
leadership development, social events, and keeps people suffering in silence and we aimed to bridge the
community projects. As an organization, they believe gap between mental health inclusivity, support, and recovery
in self-advancement and the promotion of careers. in Africa. We had over 3,000 images, which were installed on
PowerWomen Members inspire one another to the pillars in the UBA Foundation Garden in Marina, Lagos,
become great in their individual professional and Nigeria.
personal journeys.
We ultimately hope to create an environment where people
feel comfortable and encouraged to prioritize their wellness.
• SIERRA LEONE PATRIOTS AGAINST CORRUPTION
UBA Foundation supported Patriots Against

Corruption in their 2nd National Public Speaking
Festival held on Saturday 26 November 2022.
This festival is organized to encourage pupils to

04
Governance
Directors’ Report
Complaints and Feedback
Corporate Governance Report
Statutory Audit Committee Report
Board Evaluation Report
Review of Corporate Govervance Framework
Directors’ Report
The Directors present their report together with the audited financial statements of UBA Plc (“the Bank”) and its Subsidiaries
(together “the Group”) for the year ended 31 December 2022.
1. Results at a Glance
Group Bank
All figures in N’millions Dec 2022 Dec 2021 Dec 2022 Dec 2021
Profit before tax 200,876 153,073 141,317 60,519
Income tax expense (30,599) (34,395) (7,621) (1,850)
Profit after tax 170,277 118,678 133,696 58,669
Profit Attributable to:

Equity holders of the Bank 165,451 115,883 133,696 58,669
Non-controlling interests 4,826 2,795 - -
Earnings Per Share:

Basic & Diluted 4.84 3.39 3.91 1.72
2. Dividend
The Directors, pursuant to the powers vested in it by the provisions of Section 379 of the Companies and Allied Matters
Act (CAMA) of Nigeria, propose a final dividend of N0.90 per share (31 December 2021: N0.80 per share) from the retained
earnings account as at 31 December 2022. This proposed final dividend and the N0.20 per share interim dividend paid
in September 2022, brings the total dividend for the year to N1.10, amounting to a pay-out ratio of 29.0% (31 December
2021: 29%), and a yield of 10.7%. The proposed dividend will be presented to shareholders for approval at the next
Annual General Meeting and paid subsequently subject to withholding tax at an appropriate rate.
3. Legal form
United Bank for Africa Plc was incorporated in Nigeria as a limited liability company on 23 February 1961, under the
Companies Ordinance [Cap 37] 1922. It took over the assets and liabilities of the British and French Bank Limited, which
had carried on banking business in Nigeria since 1949. UBA merged with Standard Trust Bank Plc on 01 August, 2005 and
acquired Continental Trust Bank Limited on 31 December, 2005.
4. Major activities & business review
UBA Plc is engaged in the business of banking and caters for the banking needs of Institutions, Corporate, Commercial
and Consumer customer segments, providing trade services, remittance, treasury management, custody/investor
services, digital and general banking services. Pension custody services are offered through its subsidiary.
A comprehensive review of the business for the period and the prospects for the ensuing year is contained in the CEO’s
report section of UBA’s most recent annual report.

Corporate Strategy & Sustainability Financial Investor Corporate
Profile Business Review & Responsibility Statements Information Information
Governance
5. Directors
Name Designation
Mr. Tony Elumelu, CFR Chairman
Amb. Joe Keshi, OON (1) Vice-Chairman
Mrs. Owanari Duke Independent Non-Executive Director
High Chief Samuel Oni, FCA (2) Independent Non-Executive Director
Ms. Angela Aneke Independent Non-Executive Director
Erelu Angela Adebayo Non-Executive Director
Dr. Kayode Fasola Non-Executive Director
Mr. Abdulqadir J. Bello Non-Executive Director
Ms. Aisha Hassan Baba, OON Independent Non-Executive Director
Mrs. Caroline Anyanwu Non-Executive Director
Mr. Kennedy Uzoka (1) Group Managing Director/CEO
Mr. Oliver Alawuba (3) Group Managing Director/CEO
Mr. Uche Ike (1) Executive Director, Risk Management, Governance & Compliance
Mr. Chukwuma Nweke (1) Executive Director, Group Chief Operating Officer
Mr. Ibrahim Puri (1) Executive Director, North Bank
Mr. Chiugo Ndubisi (1) Executive Director, Treasury & International Banking
Mr. Muyiwa Akinyemi (4) Deputy Managing Director
Ms. Emem Usoro (4) Executive Director, North Bank
Ms. Sola Yomi-Ajayi (4) Executive Director, International Banking
Mr. Ugochukwu Nwaghodoh (4) Executive Director, Finance and Risk Management
Mr. Alex Alozie (4) Executive Director, Group Chief Operating Officer
Mrs. Abiola Bawuah (5) Executive Director/CEO, UBA Africa
(1) Retired from the Board on July 31, 2022
(2) Retired from the Board on December 19, 2022
(3) Appointed Group Managing Director/CEO on August 01, 2022. He was formerly the Deputy Managing Director.
(4) Appointed to the Board on August 01, 2022
(5) Appointed to the Board on January 3, 2023
6. Directors’ interests
The interest of directors in the Issued share capital of the Bank as recorded in the register of directors’ shareholding and/or
as notified by the directors for the purpose of Sections 275 and 276 of the Companies and Allied Matters Act and the listing
requirements of the Nigerian Exchange Limited is as follows:
31-Dec-22 31-Dec-21
Name Direct holding Indirect holding Direct holding Indirect holding
Mr. Tony Elumelu, CFR 194,669,555 2,185,934,184 194,669,555 2,185,934,184
Amb. Joe Keshi, OON 833,499 - 833,499 -
Mrs. Owanari Duke 86,062 - 86,062 -
High Chief Samuel Oni, FCA 2,065 - 2,065 -
Ms. Angela Aneke - - - -
Erelu Angela Adebayo 163,803 - 163,803 -
Dr. Kayode Fasola 100,000 - 100,000 -
Mr. Abdulqadir J. Bello 130,000 130,000
Ms. Aisha Hassan Baba, OON - - - -
Mrs. Caroline Anyanwu 993,669 - 993,669 -

31-Dec-22 31-Dec-21
Name Direct holding Indirect holding Direct holding Indirect holding
Mr. Kennedy Uzoka 37,173,909 - 37,173,909 -
Mr. Uche Ike 13,012,497 - 13,012,497 -
Mr. Chukwuma Nweke 1,119,860 - 1,059,860 -
Mr. Oliver Alawuba 1,593,248 - 1,593,248 -
Mr. Ibrahim Puri 14,712,358 - 4,580,254 -
Mr. Chiugo Ndubisi - - - -
Mr. Nwaghodoh Ugochukwu 5,399,816 -
Mr. Muyiwa Akinyemi 2,728,245 -
Ms. Sola Yomi - Ajayi - -
Mr. Alex Alozie - -
Ms. Emem Usoro 693,550 -
Mrs. Abiola Bawuah* 2,684,781 -
*Apointed to the Board on January 3, 2023
Details of indirect holdings
Name of Director Company(ies) Indirect holding

HH Capital Limited 140,843,816
Mr. Tony O. Elumelu, CFR Heirs Holdings Limited 1,814,003,900
Heirs Alliance Limited 231,086,468
2,185,934,184
7. Analysis of shareholding
The details of shareholding of the Bank as at 31 December, 2022 is as stated below;

Headline Shareholders Holdings
Cumulative Count Aggregate Cumulative "Aggregate
Range Count
Count (%) Holdings Holdings Holdings (%)"
1 – 1,000 33,286 33,286 12.13 15,099,109 15,099,109 0.04
1,001 – 5,000 120,282 153,568 43.83 300,330,652 315,429,761 0.88
5,001 – 10,000 44,692 198,260 16.29 305,976,591 621,406,352 0.89
10,001 – 50,000 53,791 252,051 19.60 1,121,732,863 1,743,139,215 3.28
50,001 – 100,000 10,643 262,694 3.88 722,332,189 2,465,471,404 2.11
100,001 – 500,000 8,868 271,562 3.23 1,809,226,389 4,274,697,793 5.29
500,001 – 1,000,000 1,288 272,850 0.47 902,367,024 5,177,064,817 2.64
1,000,001 – 5,000,000 1,188 274,038 0.43 2,314,510,730 7,491,575,547 6.77
5,000,001 – 10,000,000 149 274,187 0.05 1,035,107,337 8,526,682,884 3.03
10,000,001 – 50,000,000 139 274,326 0.05 2,828,473,339 11,355,156,223 8.27
50,000,001 – 100,000,000 24 274,350 0.01 1,594,933,359 12,950,089,582 4.66
100,000,001 – 500,000,000 35 274,385 0.01 10,094,544,917 23,044,634,499 29.52
500,000,001 – 1,000,000,000 10 274,395 0.00 6,741,845,026 29,786,479,525 19.71
1,000,000,001 and Above 3 274,398 0.00 4,412,941,841 34,199,421,366 12.90
TOTAL 274,398 100 34,199,421,366 100

Governance
8. Substantial interest in shares: shareholding of 5% and above
According to the Register of Shareholders as at 31 December, 2022, no shareholder held more than 5% of the share
capital of the Bank except the following;
Shareholders Holding Holding (%)

Heirs Holdings Limited 1,814,003,900 5.30%
9. Trading in the shares of UBA
A total of 2.81 billion units of UBA shares were traded on the Nigerian Stock Exchange (NSE) in 2022, representing 8.2%
of the shares outstanding. The Nigerian equity market ended 2022 on a positive note for the third consecutive year.
Despite global turmoil, rising domestic inflation and interest rate hikes, the equity market posted a significant gain of
19.68%, with shares of UBA closing the period at N7.60. The positive rally in the bourse was driven by low fixed-income
yield environment, strong earnings performance across various companies and, portfolio repositioning that attracted
institutional money into the market.
10. Acquisition of own shares
The Bank did not purchase its own shares during the period. Also, the Group has a Board approved Global Personal
Investment Policy, which covers directors, staff, and related parties. The policy prohibits employees, directors and related
individuals/companies from insider dealings on the shares of UBA Plc and related parties. The essence of the policy is to
prevent the abuse of confidential non-public information that may be gained during the execution of UBA’s business. In
addition, the policy serves to ensure compliance with the local laws and/or regulatory requirements. In accordance with
the NSE Rule Book and Amendments to the Listing Rules, UBA observes closed periods, within which affected persons/
corporates are restricted from trading on the shares of the Bank. There was no case of violation within the period under
review.
11. Donations
As a part of our commitment to the development of host communities, the environment and broader economy within
which we operate, across the Group, a total of N1,337,000,000 (One Billion Three Hundred and Thirty Seven Million
Naira only) (Bank: N1,244,000,000) was given out as donations and charitable contributions for the year ended 31,
December 2022 (2021: N1.405bn), through UBA Foundation.
12. Management Shared Services Arrangement
There exist a management shared services arrangement between UBA Plc and its subsidiaries within the UBA Group.
These shared services are classified under three (3) broad categories: centralised executive management services, intra-
group support services and information technology (IT) services. These services are in line with the approved services in
Section 5.1 of CBN guidelines for shared services arrangements for banks and other financial institutions.
The shared services being provided by UBA Plc provides the Group with economic and commercial benefit due to the
fact that, given the same circumstances, an independent person in a similar circumstance would be willing to pay for
similar services if provided by another independent party or would have performed the activity in-house for itself. The
shared services are necessary to achieve the following benefits enjoyed by the Group members during the year:
1. Ensuring uniformity and standardisation of business processes within the Group
2. Achieving cost and operational efficiency
3. Exploiting economies of scale and global corporate efficiency for commonly required services.
The Bank has a Group Transfer Pricing Policy, which documents the details of the shared services and the functions
performed by the Bank and the regional offices to the subsidiaries, in line with the shared services agreement. The cost of
providing these services is allocated proportionately to the relevant beneficiaries using predetermined allocation keys.


13. Employment and employees
Employment of Physically Challenged Persons
The Bank operates a non-discriminatory policy in the consideration of applicants for employment, including those
received from physically challenged persons. The Bank’s policy is that the most qualified persons are recruited for the
appropriate job levels, irrespective of an applicant’s state of origin, ethnicity, religion or physical condition.
Health, Safety at Work and Welfare of Employees
The Bank maintains business premises designed with a view to guaranteeing the safety and healthy working conditions
of its employees and customers, alike. Employees are adequately insured against occupational and other hazards. The
Bank has a comprehensive health insurance scheme for staff, through which medical needs of staff and their immediate
family members are met. In addition, the Bank provides first aid in all business offices and has a medical facility at the
Head Office. As a part of the investment in the welfare of staff, the Bank maintains an ultra-modern gym facility at the
Head Office and organizes a quarterly fitness session (tagged “jogging to bond”), held at different stadia across all its
country of operations, thereby providing access to various sporting facilities and professional instructors.
Fire prevention and firefighting equipment are installed in strategic locations at all business offices, in addition to hosting
a full fire service operation at the Head Office.
The Bank operates a contributory pension plan in accordance with the Pension Reform Act, wherein the Bank contributes
10% of employees’ basic salary, housing and transport allowance to the designated pension fund administration
chosen by each employee. As a part of the scheme, the Bank also remits employees’ contribution of 8% of the relevant
compensation to the same account, as provided by the Pension Reform Act , as amended.
Employee Involvement and Training
The Bank encourages participation of its employees in arriving at decisions in respect of matters affecting their well-
being. To this end, the Bank provides formal and informal opportunities where employees deliberate on issues affecting
the Bank and employees’ interest, with a view to making inputs to decision thereon. The Bank places premium on the
development of its manpower. In addition to the routine online Executive Chat, wherein employees interact with the
Management to discuss issues of customer and employee satisfaction, the GMD/CEO operates an open-door policy
and encourages employees to channel suggestions and complaints to him as may be required. The Human Capital
Management Division also holds monthly “HR Clinic”, a personalized avenue to address relevant employee welfare and
career satisfaction issues.
Research and Development
As a part of its daily business, the Bank carries out research into new banking products and services to anticipate and
meet customers’ need and to ensure excellent service is delivered at all time.
Demographics of our workforce
During the period under review, the Group employed staff across the different businesses and geographies, where it
operates. Below is the details of the employee demographics;
(a) Staff distribution by gender during the year ended 31 December 2022
Description Gender Head Count % of Total

Male 5,399 56%
Group Female 4,198 44%
Total 9,597 100%
Male 3,265 56%
Bank Female 2,541 44%
Total 5,806 100%

Governance
Average gender analysis of the Bank’s Board of Directors and Top Management Staff during the period:
Description Gender Head Count % of Total

Male 8 53%
Board of Directors Female 7 47%
Total 15 100%
Male 78 67%
Top Management Female 38 33%
Total 116 100%
Detailed average gender analysis of Board of Directors and Top Management Staff during the period:
Description Head Count Head Count

Male % of Total Female % of Total Total
Directors 8 53% 7 47% 15
General Managers 15 68% 7 32% 22
Deputy General Managers 15 60% 10 40% 25
Assistant General Managers 48 70% 21 30% 69
Total 86 66% 45 34% 131
(b) Group Staff distribution by nationality and location during the year ended 31 December 2022
Location Nationality Head Count

Nigerian 5,806
Nigeria Other 19 African Countries 6
Indian 2
UBA Central Africa: Nigerian 17
Cameroon, Congo DRC, Congo Brazzaville, Gabon, Chad. Other 19 African Countries 1,034
UBA West Africa Nigerian 51
Ghana, Sierra Leone, Liberia,CDI, Senegal, Burkina Faso, Benin, Guinea
Other 19 African Countries 1,812
and Mali
UBA East & Southern Africa Nigerian 18
Kenya, Tanzania, Zambia, Uganda and Mozambique Other 19 African Countries 755

Location Nationality Head Count
Nigerian 18
American 11
Ivorian 2
Chinese 2
Columbian 1
Congolese 1
Dutch 1
Ghanaian 2
Haitian 1
UBA USA
Hispanic 3
Indian 2
Indonesian 1
Jamaican 3
Kenyan 1
Pakistani 1
Sierra Leonean 1
St. Martin 1
Ukrainian 1
Nigerian 9
British 26
Croatian 1
UBA UK Canadian 1
French 1
Ghanian 1
South African 1
UBA France French 2
UBA Dubai British 1
Total 9,597
14. Property and Equipment

Movements in property and equipment during the period are shown in note 30 of the consolidated and separate
financial statements. In the opinion of the Directors, the market value of the Bank’s property and equipment is not less
than the value shown in the financial statements.
15. Events After the Reporting Date

There are no events after the reporting date, which could have had material effect on the financial position of the
Group as at December 31, 2022 and the profit and other comprehensive income for the year ended at that date.
16. Audit Committee

Pursuant to Section 404(3) of the Companies and Allied Matters Act, the Bank has an Audit Committee comprising three
Shareholders and two Non-Executive Directors and as follows:
Mr. Feyi Ogoji Chairman/Shareholder

Mr. Matthew Esonanjor Member/Shareholder
Mr. Alex Adio Member/Shareholder
Mrs. Owanari Duke Member/Independent Non-Executive Director
Ms. Angela Aneke Member/Independent Non-Executive Director

The functions of the Audit Committee are as laid down in Section 404(7) of the Companies and Allied Matters Act.
17. Auditors
In accordance with Section 401(2) of the Companies and Allied Matters Act 2020 and Section 20.2 of the NCCG 2018,
Messrs. Ernst & Young have indicated their willingness to continue in office as External Auditors of UBA Plc.
18. Disclosure of Customer Complaints in the Financial Statements for the Year Ended 31
December 2022
Amount Amount Amount Amount Amount

Amount claimed
Number Refunded Claimed Refunded Refunded Refunded
Description (N’Million)
(N’Million) (USD) (USD) (GBP) (GBP)
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Pending Complaints B/F 3,370 998 921 3,193 - - - - - -
Received Complaints 1,408,062 464,391 86,343 71,126 - - - - - -
Resolved Complaints 1,388,194 461,981 54,616 15,576 405 3,578 18,507 4,397 538 587
Unresolved Complaints
Escalated to CBN for 43 38 23 479 - - - - - -
Intervention
Unresolved Complaints
Pending with the bank 15,375 3,370 1,551 921 - - - - - -
C/F
By the order of the Board
Bili A. Odum
Group Company Secretary/Legal Counsel
57 Marina, Lagos
FRC/2013/NBA/00000001954
Complaints And
Feedback
United Bank for Africa Plc is a customer-focused Pan-African Complaints Management Process
financial services institution that is committed to putting
its customers first and at the centre of every business To ensure Customers’ cases - complaints, enquiries and
decision. Our C1st philosophy which launched in 2016 was requests are managed effectively, the Bank has put in
birthed to transform the Bank’s approach to its customers place an effective complaints management platform and
and renew its commitment to becoming a truly Customer process that is easy to use and is accessible to all customers.
centric institution. Our aim is to deliver excellent customer Complaints made via this channel are routed to a team
experience and provide high quality financial solutions within the bank that is responsible for resolving the case
to our over twenty-five million customers across the 23 within defined timelines which are aligned with Central Bank
countries in which we operate. of Nigeria (CBN) complaints resolution timelines.
We understand that to effectively serve our customers, we All cases are tracked and reviewed to identify root cause and
must have the capacity to resolve customer complaints fixes implemented to improve process, platforms, products
and generate insightful feedback to improve customer and customer experience. Key Performance Indicators
experience and support product, channel and process have been developed to effectively measure and monitor
development and innovation. the efficiency and performance of the process which is
also periodically reviewed to ensure the bank is efficient at
Our Voice of customer solution implemented across our handling customer complaints.
Digital and Physical touch points including our Customer
Fulfilment Centre, provides the bank with real time feedback The complaints and resolution processes are as follows:
of our customers experience across our platforms whilst our
complaints management process, provides the bank with (i) The Bank can be reached via a branch, calls, E-mail, Live
an effective means of capturing and resolving customer Chat, Social Media; Twitter, Facebook and Leo
complaints.
(ii) Complaint is logged on the bank’s Complaints
The efficiency of the complaints management and feedback Management platform and a notification sent to the
process is supported by efficient UBA employees who are customer with a case identification number
trained each week on delivering exceptional experience to
(iii) The complaint is reviewed, and effort is made to resolve
our customers and also renew their promise to our customers
at First Contact, where this cannot be achieved, the case
each year by signing the UBA signed service charter.
is referred to the relevant department to treat and close
The Bank’s service charter makes a promise to do more than within defined timelines
is expected and delight our customers at every interaction.
(iv) Once the complaint has been resolved and closed,
the customer receives a notification to confirm the
We promise to:
complaint has been resolved.
• Do what we say we are going to do, NO EXCUSES, we
(v) The customer is given an opportunity to confirm
give our word, and we keep it;
satisfactory closure of the compliant or to dispute
• Take ownership and resolve a customer’s issue to the closure
end;
(vi) The ombudsman service provided by the bank also
• Go the extra mile to delight our customers at every gives customers the opportunity to escalate complaints
interaction; for further review or investigation
• Treat our customers with respect and always listen with In line with Central Bank of Nigeria (CBN) guidelines, the
the intent to serve and resolve; bank renders periodic reports on the complaints received,
resolution of complaints and actions taken to avoid
• Empower staff to resolve customers’ issues at first recurrence.
contact; and
• Provide our customers with the right information at the

right time;

Governance
Customer Feedback & continuous Improvement Live Chat
UBA is committed to listening to its customers and A live chat option is available on the UBA website www.
employees and has established feedback mechanism to ubagroup.com, customers can chat online real time with our
gather structured and unstructured feedback. Surveys are highly skilled Customer Experience Experts
triggered to customers after transactions to measure their
experience with the banks channels, products and process.
Conversations are also monitored across social channels and UBA Cares
sentiments analysed for effective resolution of issues.
Our dedicated customer care social media handle @UBACares
Feedback is received via the following channels: provides real time support and resolution to our customers

1. Voice of customer surveys
Leo (UBA Chatbot)
2. Voice of Employee surveys
Log and track a complaint via Leo. Available on WhatsApp.
3. Customer Fulfilment Centre
Facebook Messenger and Apple Business Chat
4. Customer forums
5. Social media platforms Suggestion/Complaint Box
6. Branches
Customer Complaint boxes are available at all our branches
7. Whistleblowing platform for customers to provide feedback and suggestions to
improve service
8. Ombudsman
Once received, feedback is reviewed, and actionable insight

shared with the relevant teams in the bank to improve Post
process, innovate and develop solutions for UBA customers.
A dedicated Post Office Box number 5551 is also available to
our customer

Complaints & Feedback Channels Investor Complaint Channels
Customer Fulfilment Centre (CFC) UBA has a dedicate email and contact number for
shareholders who would like to make a complaint:
A 24/7 Multi-Lingual Customer Contact Centre, that provides
UBA customers with access to a customer experience
expert who is available to support customer complaints,
enquiries and requests. The team is manned by highly Email:
skilled personnel with rich and diverse banking experience [email protected]
to promptly resolve customer complaints.

Telephone:
Telephone +234-1-280 - 8760
A dedicated 24hr dedicated hotline on is available on 01 280

8822 and 0700 2255 822 Contact:
Investor Relations Unit, UBA House, 57, Marina, Lagos.

Email Address
A dedicated e-mail address [email protected] is available to

customers 24/7. This channel is manned by our highly skilled
and effective correspondents that deliver high quality service
to UBA customers and prospects.
Branch Hotlines
Branded toll-free phones are available at all branches for

customers call the Customer Fulfilment Centre. Calls received
via this channel are handled by designated inbound call
centre agents.


Corporate
Governance
Introduction (15) members which include a Non-Executive

Chairman, Group Managing Director, eight (8) other
United Bank for Africa Plc (UBA Plc) holds good Non-Executive Directors (which include four (4)
corporate governance as one of its core values and Independent Non-Executive Directors), and six (6)
confirms its commitment to the implementation Executive Directors (which include the GMD/CEO).
of effective corporate governance principles in its
business operations. The Board of Directors of UBA Diversity
Plc endorses the principles of Corporate Governance
best practice, as stated in the Code of Corporate The Board promotes diversity in its membership for
Governance for Banks and Discount Houses in Nigeria better decision-making, independent judgment and
2014 issued by the Central Bank of Nigeria (CBN), effective governance. There is an appropriate balance
the Securities and Exchange Commission Corporate of skills and diversity (age and gender) without
Governance (SEC) Guidelines 2020, and the Nigerian compromising competence, independence, and
Code of Corporate Governance 2018 issued by the integrity. As of December 31, 2022, there are seven
Financial Reporting Council (FRC), effective January 1, (7) female Directors on the Board, constituting 47% of
2020. UBA Plc is also on the Premium Board of NGX, the Board. This demonstrates the Board’s commitment
a listing segment for the elite group of issuers that towards gender diversity.
meet the Nigerian Exchange's corporate governance
and listing standards. The Premium Board is a platform
for showcasing companies who are industry leaders in Responsibility
their sectors.
The Board of Directors carries out its responsibility through
United Bank for Africa Plc has completed the Corporate its standing Committees. These are the Board Audit &
Governance Rating System (CGRS) Recertification Governance Committee, the Board Credit Committee,
Exercise conducted by the Nigerian Exchange Limited and the Board Risk Management Committee. Through the
(NGX) and the Convention on Business Integrity workings of these committees, the Board sets broad policy
(CBI) Nigeria. UBA is one of the companies on NGX’s guidelines and ensures the proper oversight and direction
Corporate Governance Index (CGI). of the Bank. The Chairman also sets up Ad-hoc Committees
of the Board or Sub-Committees of the respective Board
The Board of Directors of UBA Plc has the overall Committees from time to time to address specific projects/
responsibility for ensuring that the highest standards of issues.
corporate governance are maintained and adhered to
by the Bank. In order to promote effective governance The roles of Chairman and Chief Executive Officer are
of the UBA Group, the following structures have been separated and clearly defined. The Chairman is responsible for
put in place for the execution of UBA Plc’s Corporate the management, development and effective functioning of
Governance strategy: the Board of Directors and provides leadership in every aspect
of its work, whilst the Chief Executive Officer is responsible
1. Board of Directors for the running of the business and implementation of Board
2. Board Committees strategy and policy. The Chief Executive Officer is assisted in
3. Executive Management Committees managing the business of the Bank on a day-to-day basis by
4. Governance Charters the Executive Management Committee, which he chairs and
comprises all Executive Directors and other critical functional
heads.
A. The Board
The Board’s primary responsibility is to increase shareholder
The Board is adequately comprised of the appropriate wealth. The Board is accountable to shareholders and is
mix of knowledge, skills, experience, and expertise. responsible for the management of the relationships with its
As of December 31, 2022, the Board had fifteen

Governance
various stakeholders. Executive Management is accountable duties effectively. They all have unfettered access to
to the Board for the development and implementation of the advice and services of the Company Secretary,
strategy and policies. who is responsible to the Board for ensuring that all
governance matters are complied with and assists with
The Board regularly reviews group performance, matters of professional development as required.
strategic concern and other matters it regards as material. The
Board meets quarterly and additional meetings are convened Board Evaluation
as the need arises. In 2022, the Board met seven (7) times. The
record of attendance for Board Meetings for the year ended Deloitte & Touché conducted the annual evaluation of
December 31, 2022 is presented below: the Board of Directors of UBA Plc for the year ended
December 31, 2022 in compliance with Section 2.8.3.
Number Number of of the Code of Corporate Governance for Banks and
Director of Meet- Meetings Discount Houses in Nigeria 2014 and Principle 14 of
ings Held Attended the Nigerian Code of Corporate Governance 2018. The
Mr. Tony Elumelu, CFR 7 7 results of the Board Evaluation conducted by Deloitte
& Touché confirmed that the Board complied with
Mr. Oliver Alawuba 7 7
the requirements of the extant Codes of Corporate
Mrs. Owanari Duke 7 7 Governance in terms of its structure, composition,
High Chief Samuel Oni, FCA 7 7 procedures and responsibilities during the 2022
Ms. Angela Aneke 7 7 financial year. Key Board functionaries (Board and Board
Erelu Angela Adebayo 7 7 Committee Chairpersons) and the Board Committees
also met their responsibilities under the Codes and
Dr. Kayode Fasola 7 7
governance charters, during the 2022 financial year.
Mr. Abdulqadir J. Bello 7 7
Ms. Aisha Hassan Baba, OON 7 7 Deloitte & Touche confirmed that the Bank conformed
with the NCCG 2018 and rules in the SEC Guidelines
Mrs. Caroline Anyanwu 7 7
2020. Other positive attributes noted include:
Mr. Muyiwa Akinyemi 7 4*
Mr. Ugochukwu Nwaghodoh 7 4* a. The Board ensured regular performance
monitoring and governance of the operations
Mr. Alex Alozie 7 4*
of its Subsidiaries, through the Board Audit &
Ms. Emem Usoro 7 4* Governance Committee (BAGC) which received/
Ms. Sola Yomi-Ajayi 7 4* reviewed quarterly Subsidiary Governance Reports
at its meetings.
* Appointed to the Board on August 1, 2022
b. The Board, through the BAGC monitored the KPIs
The Board is responsible for Strategic Direction, Policy of the Executive Directors in line with the Bank’s
Formulation, Decision Making and Oversight. The Board Budget, to ensure achievement of the Bank’s
is also responsible for ensuring that there is an effective strategic objectives for the year.
system of internal control and risk management across
the Bank. The Board also adopts effective processes for c. Inclusion of the Bank’s ESG/ Sustainability initiatives
the appointment of new Directors. as an agenda item of the Board Audit & Governance
Committee meetings
In accordance with extant Codes of Corporate
Governance and the Bank’s governance charters, the d. Various risks of the Bank including credit, financial,
Board has, through the Board Audit & Governance cybersecurity, liquidity risks, amongst others, were
Committee, provided suitable induction programs for adequately monitored by the Board. In addition,
new members of the Board, and for existing members, external consultants were engaged to assist in
continuous/ongoing training as determined by the checkmating the Bank’s exposure to key risks.
Board Governance Committee. The training for Board
members is included in the annual training plan for e. The 2022 Budget was presented to and approved
UBA Group which is approved by the Board at the by the Board before the commencement of the
beginning of the year with the annual budget. financial/calendar year.
As stipulated in the Board Governance & Board f. In line with the Companies and Allied Matters Act
Committees Governance Charter, the Board has 2020, the membership of the SAC was restructured
the authority to delegate matters to Directors, by the shareholders at the AGM to have three (3)
Board Committees and the Executive Management shareholder representatives and two (2) Directors
Committee. All Directors are aware that they may g. The Board monitored the development and
take independent professional advice at the expense implementation of a customer experience
of the Bank, in furtherance of performing their

action plan to address the emerging customer 4. Mr. Uche Ike - Executive Director
experience issues across the Bank.
5. Mr. Chukwuma Nweke - Executive Director
h. The Board developed internal frameworks, 6. Mr. Ibrahim Puri - Executive Director
including a COVID-19 Vaccination Policy, in their
effort to uphold international standards and adopt 7. Mr. Chiugo Ndubisi - Executive Director
safety measures to enhance the wellbeing and Also during the year, Mr. Oliver Alawuba was appointed
health of the staff of the Bank. as the Group Managing Director/Chief Executive
i. The 2022 Group Audit Plan and Budget was Officer.
presented to and approved by the Board before B. Accountability and Audit
the commencement of the 2022 calendar year.
Financial Reporting
The Report of the Board Evaluation Consultants on the
Performance Evaluation of the Board of Directors of The Board has presented a balanced assessment of
UBA Plc is included in this Annual Report. the Company’s position and prospects. The Board is
mindful of its responsibilities and is satisfied that in the
preparation of the Directors’ Report, the Directors have
Corporate Governance Review complied with the requirements of the Companies &
Allied Matters Act 2020. The Board has also ensured
In accordance with the provisions of the Code of the integrity of the annual reports and accounts
Corporate Governance for Banks and Discount Houses and all material information provided to all relevant
in Nigeria 2014 and the Nigerian Code of Corporate stakeholders.
Governance 2018, Deloitte & Touché performed the
annual corporate governance review of the Corporate The Directors make themselves accountable to the
Governance Framework of UBA Plc for the year ended shareholders through regular publication of the
December 31, 2022. The results of the review, which Group’s financial performance and Annual Reports, and
included an assessment of the Board’s structure, at the Annual General Meeting. The Board has ensured
composition, responsibilities, processes, procedures that the Group’s reporting procedure is conveyed
and the effectiveness of the Board Committees, on the most efficient platforms in order to ensure
confirmed that the Corporate Governance Framework accuracy. This procedure involves the monitoring of
and Practices in UBA Plc comply with the provisions of performance throughout the financial year, in addition
the extant Codes of Corporate Governance. The Report to monthly reporting of key performance indicators.
of the Board Evaluation Consultants on the Review of Ernst & Young (EY) acted as external auditors to the
the Corporate Governance Framework of UBA Plc is Group for the year ended December 31, 2022. The
included in this Annual Report. Report of the External Auditors is contained in this
Report.
Appointments & Retirements
During the financial year ended December 31, 2022, C. Risk Management & Control
the following Directors were appointed to the Board: Environment
1. Muyiwa Akinyemi – Executive Director The Group has consistently improved its internal
control environment to ensure financial integrity and
2. Ugochukwu Nwaghodoh - Executive Director effective management of risks. The Board has ensured
3. Alex Alozie - Executive Director that the Group has in place, robust risk management
policies and mechanisms for identification of risk and
4. Emem Usoro - Executive Director effective control.
5. Sola Yomi-Ajayi - Executive Director
The Directors review the effectiveness of the Bank’s

internal control environment through regular reports
The following Directors also retired from the Board: and reviews at Board and Board Audit Committee
meetings.
1. Amb. Joe Keshi, OON – Vice Chairman
The Board approves the annual budget for the Group
2. High Chief Samuel Oni, FCA – Independent Non- and ensures that a robust budgetary process is
Executive Director operated with adequate authorization levels put in
3. Mr. Kennedy Uzoka - GMD place to regulate capital and operating expenses.

Governance
D. Shareholder Rights of Directors for appointment to the Boards of Subsidiaries,

recruitment, promotion, redeployment and disengagement
The Board of UBA Plc has always placed considerable of senior level staff, Board & Board Committee performance
emphasis on effective communication with its evaluation, Subsidiary Governance oversight, compensation
shareholders. It ensures that the rights of shareholders & remuneration of Directors, and Board/Board Committees
are always protected. Notice of meetings and all other Inductions and Trainings. The Committee also approves the
statutory notices and information are communicated Human Resources and Governance Policies for the Group,
to the shareholders regularly. The Bank ensures recommends the organisation structure to the Board for
the protection of statutory and general rights of approval, resolves work related issues and disputes, and
shareholders at all times, particularly their right to evaluates the overall system of Corporate Governance for
vote at General Meetings. All shareholders are treated the Group.
equally regardless of their equity interest or social
status. The Committee discharges the Board’s responsibilities with
regard to strategic direction and budgeting and provides
The General Meeting of Shareholders is the highest oversight on financial matters and the performance of the
decision-making body of the Bank and meetings are Group.
conducted in a fair and transparent manner that gives
shareholders the opportunity to express their opinion. The Committee also provides Board oversight on internal
The Group publishes quarterly, half-yearly and annual control and audit in the Group. It assists the Board of Directors
reports on its website as well as national newspapers. in fulfilling its audit responsibilities by ensuring that effective
The Group also provides investor presentations and systems of Financial and Internal controls are in place within
other relevant communications that provide requisite the Group.
information to shareholders and the general public,
especially as regards the performance, strategy and As of December 31, 2022, the Board Audit and Governance
developments in the Group. Committee comprised of the following Non-Executive
Directors:
The Group maintains an Investor Relations Unit which
routinely attends to shareholders’enquiries and ensures 1. Ms. Angela Aneke – Chairman
that shareholders’ views are appropriately escalated to 2. Mrs. Owanari Duke – Member
the Management and Board on a continuous basis. In
addition, shareholders are encouraged to continuously 3. Erelu Angela Adebayo – Member
communicate their opinions and recommendations
as appropriate to either the Head of Investor Relations 4. Dr. Kayode Fasola – Member
or the Company Secretary. Their contact details are
5. Ms. Aisha Hassan-Baba, OON – Member
available on the Bank’s website and on the back cover
of this Annual Report. * The Board Audit Committee, Finance & General Purpose
Committee and Board Governance Committee of the
Board were merged and reconstituted as the Board Audit &
E. Board Committees Governance Committee.
The Board of UBA Plc has the following Committees,

namely:
2. Board Credit Committee
1. Board Audit and Governance Committee
The Board Credit Committee is responsible for approval
2. Board Credit Committee of credit facilities in the Bank. The Board Committee also
recommends credit facilities to the Board for approval. It
3. Board Risk Management Committee reviews all credits granted by the Bank and meetings are
held at least once a quarter. The Board Credit Committee
was set up to assist the Board of Directors to discharge
1. Board Audit and Governance Committee its responsibility to exercise due care, diligence and skill
The Board Audit & Governance Committee is a Committee to oversee, direct and review the management of the
of the Board of UBA Plc charged with the responsibility credit portfolio of the Group. Its terms of reference include
and oversight of Audit and Control, Governance, Human determining and setting the parameters for credit risk and
Resources, Legal Strategy, Strategic Direction, Budgeting, asset concentration and reviewing compliance within such
Financial Performance, and other financial matters. limits; determining and setting the lending limits, reviewing,
and approving the Group’s credit strategy and the credit risk
The Committee has oversight over the governance structures tolerance. The Committee reviews the Loan portfolio of the
and practices of the Bank. The Committee has responsibility for Bank and reviews and approves country risks exposure limits.
the nomination of Directors, Board composition, nomination

As of December 31, 2022, the composition of the Board 3. Mr. Abdulqadir Bello – Member
Credit Committee was as follows: 4. Mr. Oliver Alawuba – Member
a. Mr. Abdulqadir J. Bello - Chairman 5. Mr. Ugochukwu Nwaghodoh – Member
6. Mr. Alex Alozie – Member
b. Mrs. Owanari Duke - Member
7. Ms. Sola Yomi-Ajayi - Member
c. Dr. Kayode Fasola - Member
Meetings are held at least once a quarter and the
d. Mrs. Caroline Anyanwu - Member responsibilities of the Committee include to review and
recommend risk management strategies, policies and risk
tolerance for the Board’s approval; to review management’s
periodic reports on risk exposure, risk portfolio composition
3 Board Risk Management Committee
and risk management activities; and to consider and
As of December 31 2022, the Board Risk Management examine such other matters as the Board requires, the
Committee comprised the following Directors: Committee considers appropriate, or which are brought to
its attention, and make recommendations or reports to the
1. Mrs. Caroline Anyanwu – Chairman
Board accordingly.
2. Ms. Angela Aneke – Member
Board Composition Analysis
Name of Director Classification Board Audit and Board Credit Board Risk
Governance Com- Committee Management
mittee Committee
Mr. Tony O. Elumelu, CFR Board Chairman (NED) - - -
Mr. Oliver Alawuba GMD/CEO, UBA Group - - Member
Mr. Muyiwa Akinyemi DMD, UBA Nigeria - - -
Mr. Ugochukwu Nwaghodoh ED, Risk and Finance - - Member
Mr. Alex Alozie ED/Group Chief Operating Officer - - Member
Ms. Emem Usoro ED, North Bank - - -
Ms. Sola Yomi-Ajayi ED, Treasury and International - - Member
Banking
Mrs. Owanari Duke Independent Non-Executive Member Member -
Director
High Chief Samuel Oni, (FCA) Independent Non-Executive Member** - -
Director
Ms. Angela Aneke Independent Non-Executive Chairman Member* Member
Director
Erelu Angela Adebayo Non-Executive Director Member - -
Mr. Abdulqadir Bello, (FCA) Non-Executive Director - Chairman Member
Dr. Kayode Fasola Non-Executive Director Member Member -
Ms. Aisha Hassan-Baba, (OON) Independent Non-Executive Member - -
Director
Mrs. Caroline Anyanwu Non-Executive Director - Member Chairman
*Left as member after the reconstitution of the board committees on August 30 2022
**Was a member of the Board Audit Committee
Board of Directors Attendance Analysis: Jan – Dec 2022

Name of Director Annual General Meetings Board Of Directors Meetings
No of meetings to be held for the year 1 7
Mr. Tony O. Elumelu, CFR 1 7
Ambassador Joe C. Keshi, OON* 1 3

Governance
Name of Director Annual General Meetings Board Of Directors Meetings

No of meetings to be held for the year 1 7
Mr. Kennedy Uzoka* 1 3
Mr. Uche Ike* 1 3
Mr. Chukwuma Nweke* 1 3
Mr. Ibrahim Puri* 1 3
Mr. Chiugo Ndubisi* 1 3
Mr. Oliver Alawuba 1 7
Mr. Muyiwa Akinyemi*** - 4
Mr. Ugochukwu Nwaghodoh*** - 4
Mr. Alex Alozie*** - 4
Ms. Emem Usoro*** - 4
Ms. Sola Yomi-Ajayi*** - 4
Mrs. Owanari Duke 1 7
High Chief Samuel Oni, (FCA)** 1 7
Ms. Angela Aneke 1 7
Erelu Angela Adebayo 1 7
Mr. Abdulqadir Bello, (FCA) 1 7
Dr. Kayode Fasola 1 7
Ms. Aisha Hassan-Baba, (OON) 1 7
Mrs. Caroline Anyanwu 1 7
*Directors retired on July 31 2022.
**Directors retired on December 19 2022
***Directors were appointed August 1 2022
Directors Committee Attendance Analysis: Jan – 30 Aug 2022
Name of Director "Board "Board "Board Gov- "Board Risk Board Joint Session
Audit Credit ernance Manage- Finance of Finance and
Committee" Committee" Committee" ment and Gener- General-Pur-
Committee" al-Purpose pose Commit-
Committee tee and Board
Audit Commit-
tee
No of meetings to 3 5 6 5 5 3
be held for the year
Mr. Tony O. Elumelu, - - - - - -
CFR
Ambassador Joe C. - - - - - -
Keshi, OON*
Mr. Kennedy Uzoka* - - - 5 5 3
Mr. Uche Ike* - - - 5 - -
Mr. Chukwuma - - - 5 5 3
Nweke*
Mr. Ibrahim Puri* - - - - - -
Mr. Chiugo Ndubisi* - - - - 5 3
Mr. Oliver Alawuba - - - - - -

Name of Director "Board "Board "Board Gov- "Board Risk Board Joint Session
Audit Credit ernance Manage- Finance of Finance and
Committee" Committee" Committee" ment and Gener- General-Pur-
Committee" al-Purpose pose Commit-
Committee tee and Board
Audit Commit-
tee
No of meetings to 3 5 5 5 5 3
be held for the year
Mr. Muyiwa - - - - - -
Akinyemi***
Mr. Ugochukwu - - - - - -
Nwaghodoh***
Mr. Alex Alozie*** - - - - - -
Ms. Emem Usoro*** - - - - - -
Ms. Sola Yomi- - - - - - -
Ajayi***
Mrs. Owanari Duke 3 5 5 - - 3
High Chief Samuel 3 - - 5 - 3
Oni, (FCA)**
Ms. Angela Aneke - 5 5 - 5 3
Erelu Angela 3 - 5 5 - 3
Adebayo
Mr. Abdulqadir Bello, - 5 - 5 5 3
(FCA)
Dr. Kayode Fasola - 5 - 5 5 3
Ms. Aisha Hassan- 3 - 5 - 5 2
Baba, (OON)
Mrs. Caroline 3 5 - 5 - 3
Anyanwu
*Directors retired on 31 July 2022.
**Directors retired on 19 December 2022
***Directors were appointed August 1 2022. Also, the Board Audit Committee, Finance & General Purpose Committee and Board
Governance Committee of the Board were merged and reconstituted as the Board Audit & Governance Committee.
Directors Committee Attendance Analysis: Sept– Dec 2022
mittee Committee
No of meetings to be held 4 2 2
for the year
Mr. Tony O. Elumelu, CFR Board Chairman (NED) - - -
Mr. Oliver Alawuba GMD/CEO, UBA Group - - 2
Mr. Muyiwa Akinyemi DMD, UBA Nigeria - - -
Mr. Ugochukwu Nwaghodoh ED, Risk and Finance - - 2
Mr. Alex Alozie ED, Group Chief Operating Officer - - 2
Ms. Emem Usoro ED, North Bank - - -
Ms. Sola Yomi-Ajayi ED, Treasury and International - - 2
Banking

Governance
mittee Committee
No of meetings to be held 4 2 2
for the year
Mrs. Owanari Duke Independent Non-Executive 4 2 -
Director
High Chief Samuel Oni, (FCA) Independent Non-Executive - - -
Director
Ms. Angela Aneke Independent Non-Executive 4 - 2
Director
Erelu Angela Adebayo Non-Executive Director 4 - -
Mr. Abdulqadir Bello, (FCA) Non-Executive Director - 2 2
Dr. Kayode Fasola Non-Executive Director 4 2 -
Ms. Aisha Hassan-Baba, (OON) Independent Non-Executive 4 - -
Director
Mrs. Caroline Anyanwu Non-Executive Director - 2 2
F. Executive Management Committees
In addition to the Board Committees, there are Management Committees which ensure effective and good corporate
governance at the managerial level. These are Committees comprising of senior management staff of the Bank. The Committees
are also risk-driven, as they are basically set up to identify, analyse, synthesize and make recommendations on risks arising from
day to day activities of the Bank. They also ensure that risk limits as contained in the Board Policies are complied with at all times.
They provide inputs for the respective Board Committees and also ensure that recommendations of the Board Committees
are effectively and efficiently implemented. They meet as frequently as issues occur to immediately take actions and decisions
within the confines of their delegated authorities. Some of these Executive Management Committees include the Executive
Management Committee (EMC), the Executive Credit Committee (ECC), the Assets and Liabilities Committee (ALCO), the Risk
Management Committee (RMC), the Procurement Committee (PC), the IT & Cybersecurity Steering Committee (ITCSC), and the
Criticized Assets Committee (CAC).
G. Statutory Audit Committee
The Statutory Audit Committee was set up in accordance with the provisions of the Companies and Allied Matters Act 2020. It
comprises of a mixture of Non-Executive Directors and Shareholders elected at the Annual General Meeting.
Its Terms of Reference include the monitoring of processes designed to ensure compliance by the Group in all respects with legal
and regulatory requirements, including disclosure, controls and procedures and the impact (or potential impact) of developments
related thereto. It evaluates annually, the independence and performance of the External Auditors. The Committee also reviews
the annual audited financial statements with Management and the External Auditors.
The Members of the Statutory Audit Committee as of December 31, 2022 were as follows:
a. Mr. Feyi Ogoji – Chairman/Shareholder
b. Mr. Matthew Esonanjor – Shareholder
c. Mr. Alex Adio – Shareholder
d. Mrs. Owanari Duke – Independent Non-Executive Director
e. Ms. Angela Aneke – Independent Non-Executive Director
In line with the Companies and Allied Matters Act 2020, the membership of the Statutory Audit Committee was restructured by
the shareholders at the AGM to have three (3) shareholder representatives and two (2) Directors.
The record of attendance for the Statutory Audit Committee for the 2022 financial year is presented below:

Statutory Audit Committee Meetings
Members Number of Number of
Meetings Meetings
Held Attended
Mr. Feyi Ogoji 4 4
Mr. Matthew Esonanjor 4 4
Mrs. Owanari Duke 4 4
Ms. Angela Aneke 4 4
Mr. Alex Adio 4 4
H. Meetings Management
In view of current business realities, particularly the advancement of digital technology and the global impact of the COVID-19
pandemic, the Board had approved that all Board, Board Committee and Executive Management meetings from 2021 to hold
virtually via either Microsoft Teams or Zoom. Towards this purpose, the Board also approved a Virtual Meeting & Communication
Technology Framework to promote effective virtual meetings, provide broad guidelines for implementation of processes
involving technology aided communication, and ensure compliance with all relevant COVID-19 Related Directives and Safety
Protocols & Guidelines
The Board has also complied strictly with the requirements of the Federal & State Governments and the CAC Guidelines for the
convening and conduct of the Bank’s Annual General Meetings.
I. Directors’ Compensation
Package Type Description Timing

Basic salary Fixed This is part of gross salary package for Executive Directors Paid monthly during the financial
only year
It reflects the banking industry competitive salary package
and the extent to which the Bank’s objectives have been
met for the financial year
13th month salary Fixed This is part of gross salary package for Executive Directors Paid in a month during the
only financial year
It reflects the banking industry competitive salary package
and the extent to which the Bank’s objectives have been
met for the financial year
Directors fees Fixed This is paid quarterly to Non-Executive Directors only Paid quarterly
Sitting allowances Fixed Sitting allowances are paid to the Non-Executive Directors Paid after each meeting.
only for attending Board and Board Committee meetings.
J. Details of Training Attended by Directors
Training Programme Training Objective Participants Date

Mining Business Account The Mining Business Training Programme aimed at • Kennedy Uzoka February 8th 2022
Training Programme enhancing participants knowledge of the mining • Oliver Alawuba
business, its potentials, and the opportunities to • Chiugo Ndubisi
provide service and grow our business. • Uche Ike
• Chukwuma Nweke
• Ibrahim Puri
• Caroline Anyanwu
• Abdulqadir Bello

Governance

Basel III Training Programme The aim of the training was to familiarize board • Tony O. Elumelu, CON February 12th 2022
members with the comprehensive requirements • Joseph Keshi, OON
for the immediate and effective implementation of • Owanari Duke June 22nd, 2022
all guidelines under BASEL III framework. • Samuel Oni, FCA
• Angela Aneke July 1st, 2022
• Erelu Angela Adebayo
• Kayode Fasola July 6th 2022
• Abdulqadir Bello
• Aisha Hassan-Baba, OON
• Kennedy Uzoka
• Oliver Alawuba
• Uche Ike
• Chukwuma Nweke
• Ibrahim Puri
• Chiugo Ndubisi
Board Immersion Pro- It was an immersion/re-immersion programme • Tony O. Elumelu, CON February 10th-
gramme • Joseph Keshi, OON
into the UBA Tribe and culture. It was aimed at pro- 13th 2022
viding participants with: • Owanari Duke
• Samuel Oni, FCA
• A working awareness of the Group’s History, • Angela Aneke
strategy, structures, and policies. • Erelu Angela Adebayo
• Kayode Fasola
• Adequate information to understand and fulfil • Abdulqadir Bello
Governance functions. • Aisha Hassan-Baba, OON
• Opportunities to engage and collaborate with • Kennedy Uzoka
other Board members across the Group. • Oliver Alawuba
• Uche Ike
• Chukwuma Nweke
• Ibrahim Puri
• Chiugo Ndubisi
EuroBonds Overview & An overview on Eurobonds and investment bene- Chiugo Ndubisi February 25th 2022
Investments Programme fits to investors in purchasing Eurobonds and how
it provides exposure to foreign investments and a
sense of diversification, spreading out the risks.
Understanding the Fixed The training focused on overview of Understand- Chiugo Ndubisi March 12th 2022
Income Product Paper ing Fixed Income, Special Considerations, Types &
Examples of Fixed Income Products, Advantages
& Risks associated with Fixed Income and Pros &
Cons of Fixed Income.
Compliance Training Pro- To re-emphasise the need to understand the fun- Uche Ike May 28th 2022
gramme damentals of Corporate Governance, Ethics & Code
of Conduct. To also create awareness on Money
Laundering & Terrorist Financing, understand and
highlight the implications of Compliance Risks and
cost of non-compliance.
Wellness Session for Sales The session focused on the Overall physical well- Ibrahim Puri June 2nd 2022
Leaders ness which encourages the balance of physical
activity, nutrition and mental well-being to keep
body in top condition.
UBA Compliance Course for This course is designed to enhance the Directors’ • Tony O. Elumelu, CFR March 1st, 2022
Board knowledge of anti-money laundering and terrorist • Owanari Duke
financing. It helps distil the right tone from the top • Samuel Oni, FCA
by modelling integrity, ethical behaviour and com- • Angela Aneke
pliance across the Group. • Erelu Angela Adebayo Various completion
• Abdulqadir Bello (FCA) dates
• Kayode Fasola
• Ms Aisha Hassan-Baba, OON
• Oliver Alawuba
• Muyiwa Akinyemi
• Ugochukwu Nwaghodoh
• Alex Alozie
• Emem Usoro
• Sola Yomi-Ajayi
• Abiola Bawuah

Credit Policy Training for The course covers the core credit policies for iden- • Tony O. Elumelu, CFR March 1, 2022
Board Members tifying, measuring, approving and reporting credit • Owanari Duke
risks in UBA Group. It draws from the main policy • Samuel Oni, FCA
that provides the guiding principles for managing • Angela Aneke
credit risk inherent in business activities. • Erelu Angela Adebayo Various completion
• Abdulqadir Bello (FCA) dates
• Kayode Fasola
• Oliver Alawuba
• Muyiwa Akinyemi
• Alex Alozie
• Emem Usoro
• Sola Yomi-Ajayi
• Abiola Bawuah
Training On Environmental As sustainability champions, Directors are respon- • Tony O. Elumelu, CFR March 1, 2022
and Social Risk Management sible for the approval of all credit policies and pro- • Owanari Duke
(ESRM) cedures including product programmes that have • Samuel Oni, FCA
E&S considerations in line with the Bank’s ESRM • Angela Aneke
Policy. This course explores the triple bottom line • Erelu Angela Adebayo Various completion
in ensuring sustainability in people, profit and • Abdulqadir Bello (FCA) dates
planet. • Kayode Fasola
• Oliver Alawuba
• Muyiwa Akinyemi
• Alex Alozie
• Emem Usoro
• Sola Yomi-Ajayi
• Abiola Bawuah
K. Group Board & Board Committee Meeting Dates
Meetings Board Board Board Audit Board Board Credit Board Risk Finance &
Audit & Committee * Governance Committee Management General purpose
Governance Committee Committee Committee *
Committee
1 14-Feb-22 20-Sep-22 9-Feb-22 25-Jan-22 18-Jan-22 18-Feb-22 2-Feb-22
2 8-Apr-22 22-Sep-22 16-Feb-22 1-Apr-22 23-Mar-22 16-Mar-22 9-Feb-22
3 14-Jul-22 11-Oct-22 30-Mar-22 12-Apr-22 19-May-22 20-May-22 9-Mar-22
4 30-Aug- 30-Nov-22 30-Jun-22 6-Jul-22 22-Jun-22 27-May-22 1-Jul-22
22
5 20-Oct-22 21-Jul-22 8-Jul-22 27-Jul-22 1-Jun-22 15-Jul-22
6 19-Dec- 10-Aug-22 15-Sep-22 21-Sep-22 21-Jul-22
22
7 20-Dec- 23-Nov-22 16-Nov-22 10-Aug-22
22
8 24-Aug-22
* Joint sessions of Board Audit Committee and Fianance & General Purpose Committee were held on 09 February, 2022, 21 July,
2022, and 10 August, 2022.

Governance
Report of the Statutory

Audit Committee
REPORT OF THE STATUTORY AUDIT COMMITTEE FOR THE YEAR ENDED DECEMBER 31, 2022
To members of United Bank for Africa Plc
In accordance with the provision of Section 404[7] of the Companies and Allied Matters Act of the Federation of
Nigeria 2020 , we the members of the Audit Committee hereby report as follows:
(i) We confirm that we have seen the Audit Plan & Scope, and the Management Letter on the Audit of the UBA
Group Interim Consolidated & Separate Financial Statements for the year ended December 31, 2022, and the
responses to the said letter.
(ii) In our opinion, the Plan & Scope of the Audit for the year ended December 31, 2022 were adequate. We have
reviewed the Auditors’ findings and we are satisfied with the Management responses thereon.
(iii) We also confirm that the accounting and reporting policies of the Bank are in accordance with legal
requirements and ethical practices.
(iv) As required by the provisions of the Central Bank of Nigeria circular BSD/1//2004 dated February 18, 2004
on “Disclosure of Insider-Related Credits in Financial Statements”, we reviewed the insider-related credits of
the Bank and found them to be as analysed in the Consolidated & Separate Financial Statements for the year
ended December 31, 2022.
MR. FEYI OGOJI (FCA)

FRC/2016/ICAN/00000015438
Chairman, Statutory Audit Committee
Members of the audit committee are:

a. Mr. Feyi Ogoji – Chairman/Shareholder
b. Mr. Matthew Esonanjor – Shareholder
c. Mr. Alex Adio – Shareholder
d. Ms. Angela Aneke – Independent Non-Executive Director
e. Mrs. Owanari Duke – Independent Non-Executive Director

Statement of Directors’
Responsibilities
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RELATION TO THE PREPARATION OF FINANCIAL
STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2022
In accordance with the provisions of Sections 334 and 335 of the Companies and Allied Matters Act and Sections
24 and 28 of the Banks and Other Financial Institutions Act, the Directors are responsible for the preparation of the
financial statements which give a true and fair view of the state of affairs of the Bank and of the profit or loss and
other comprehensive income for the year ended December 31, 2022 and in so doing they ensure that:
(i) Proper accounting records are maintained;
(ii) Applicable accounting standards are followed;
(iii) Suitable accounting policies are adopted and consistently applied;
(iv) Judgments and estimates made are reasonable and prudent;
(v) The going concern basis is used, unless it is inappropriate to presume that the Bank will continue in business;
and
(vi) Internal control procedures are instituted which as far as reasonably possible, safeguard the assets of the
Bank and prevent and detect fraud and other irregularities.
The Directors accept responsibility for the preparation of the financial statements that give a true and fair view in
accordance with the International Financial Reporting standards (IFRS) as issued by the International Accounting
Standards Board and in the manner required by the Companies and Allied Matters Act, the Financial Reporting
Council of Nigeria Act 2011, the Banks and Other Financial Institutions Act, the Central Bank of Nigeria Prudential
guidelines and other relevant regulations issued by the Central Bank of Nigeria.
The Directors accept responsibility for the maintenance of accounting records that may be relied upon in the
preparation of the financial statements as well as adequate systems of financial control.
Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for
at least twelve months from the date of this statement.
SIGNED ON BEHALF OF THE DIRECTORS:
Oliver Alawuba ‘Tony O. Elumelu, CON

FRC/2022/PRO/DIR/003/589226 FRC/2013/CIBN/00000002590

Governance
Statement of Corporate
Responsibility
STATEMENT OF CORPORATE RESPONSIBILITY FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER
31, 2022
In line with the provision of Section 405 of the Companies and Allied Matters Act (CAMA) 2020, we have reviewed the audited
financial statements of the Group for the year ended December 31 2022 and based on our knowledge confirm as follows:
Financial Information
(i) The audited financial statements do not contain any untrue statement of material fact or omit to state a material fact,
which would make the statements misleading.
(ii) The audited financial statements and all other financial information included in the statements fairly present, in all
material respects, the financial condition and results of operation of the bank as of and for the year ended December 31,
2022.
Effectiveness of Internal Controls
(iii) The bank’s internal controls have been designed to ensure that all material information relating to the bank and its
subsidiaries is received and provided to the Auditors in the course of the audit.
(iv) The bank’s internal controls were evaluated within 90 days of the financial reporting date and are effective as of
December 31 2022.
Disclosures
(v) That we have disclosed to the bank’s External Auditors and the Audit Committee the following information:
(a) there are no significant deficiencies in the design or operation of the bank’s internal controls which could
adversely affect the bank’s ability to record, process, summarise and report financial data, and have discussed
with the auditors any weaknesses in internal controls observed in the cause of the Audit.
(b) there is no fraud involving management or other employees which could have any significant role in the bank’s
internal control.
(vi) There are no significant changes in internal controls or in other factors that could significantly affect internal controls
subsequent to the date of this audit, including any corrective actions with regard to any observed deficiencies and
material weaknesses.
9 February 2023.
Ugo A. Nwaghodoh Oliver Alawuba

ED Finance and Risk Management Group Managing Director/CEO
FRC/2012/ICAN/00000000272 FRC/2022/PRO/DIR/003/589226

Governance
Deloitte & Touche

Civic Towers, Plot GA 1
Ozumba Mbadiwe Avenue
08 February 2023 Dear Sir, Victoria Island, Lagos, Nigeria.
Tel: +234 1 2717800
ThFebruary
08 e Chairm2023
an Report of the Independent Consultants on the Performance Evalu+234
Fax: ation1o2717801
f the Board of Directors
UBA Group PLC www.deloitte.com/ng
The Chairman
57 Marina Road Deloitte & Touche has performed the annual evaluation of the Board of Directors of UBA Plc fo
UBA Group PLC
Lagos Island, Lagos assessment of the Board’s structure and composition, its responsibilities, processes, procedure
57 Marina Road
Nigeria. compliance with Section 2.8.3 of the Code of Corporate Governance for Banks and Discount Ho
Lagos Island, Lagos Nigerian Code of Corporate Governance (“NCCG”).
Nigeria.
Our approach involved a review of the Board framework in UBA Plc, relevant governance docum
Dear Sir, on desk review of governance documents, interview sessions with Directors and survey respon
Report of the Independent Consultants
The on evaluation
result of our the Performance Evaluation
has shown of the
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Year Ended and
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responsibilities. We also ascertained that the key Board functionaries (Board an
responsibilities under the Codes and governance charters in UBA Plc. The report further highlig
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31 December 2022. The scope of the be
It should review included
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activities. P a rt ner
procedures and responsibilities. We also ascertained that the key Board functionaries (Board and Board Committee C
responsibilities under the Codes and governance charters in UBA Plc. The report further highlights details of our revi
It should be noted that the matters raised in this report are only those that came to our attention during the course
© 2023 For information, contact Deloitte & Touche. All rights reserved
of our review. be
It should Thenoted
evaluationthat isthe limited
matters in nature
raised andin does not necessarily
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does not necessarily disclose all significant matters about the company or reveal any irregularities. the activities reported. The reportAs such, we do no
should be read
report should in conjunction
be read in with the Corporate
conjunction with Governance Section
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Section of the Annual Report.
Yours faithfully,
Yours faithfully,
Yours faithfully,
For: Deloitte and Touche
Ibukun Beecroft
RC/2020/ICAN/00000020765
FRC/2020/ICAN/00000020765
Partner
Partner
2023 For information, contact Deloitte & Touche. All rights reserved
Deloitte & Touche
Civic Towers, Plot GA 1
Ozumba Mbadiwe Avenue
08 February 2023 Dear Sir, Victoria Island, Lagos, Nigeria.
Tel: +234 1 2717800
ThFebruary
08 e Chairm2023
an Report of the Independent Consultants on the Performance Evalu+234
Fax: ation1o2717801
f the Board of Directors
UBA Group PLC www.deloitte.com/ng
The Chairman
57 Marina Road Deloitte & Touche has performed the annual evaluation of the Board of Directors of UBA Plc for
UBA Group PLC
Lagos Island, Lagos assessment of the Board’s structure and composition, its responsibilities, processes, procedure
57 Marina Road
Nigeria. compliance with Section 2.8.3 of the Code of Corporate Governance for Banks and Discount Ho
Lagos Island, Lagos Nigerian Code of Corporate Governance (“NCCG”).
Nigeria.
Our approach involved a review of the Board framework in UBA Plc, relevant governance docum
Dear Sir, on desk review of governance documents, interview sessions with Directors and survey respons
Report of the Independent TheConsultants
result of ouron the Review
evaluation hasofshown
Corporate Governance
that the Framework
Board complies of United
with the provisions of the extan
Bank for Africa Plc for theprocedures
Year Ended and
31 December 2022
responsibilities. We also ascertained that the key Board functionaries (Board an
Dear&Sir,
Deloitte
responsibilities under the Codes and governance charters in UBA Plc. The report further highlig
Touche has performed the annual corporate governance review of the Corporate Governance frame-
ebruary 2023
work in UBA Plc for the year ended 31
It should be December
noted that2022. The scope
the matters of theinreview
raised included
this report arean assessment
only those that of came
the to our attenti
Chairman Repstructure
Board’s ort of theand
Indomposition,
ependoes
dentnot
Cits
onnecessarily
sultants ondisclose
theprocesses,
responsibilities, Perfall
orm anc e E v a
procedureslu at io
andn o f
the t h e B oar d o
effectiveness f D i
of
significant matters about the company or reveal rec to
Board rs o f Unitany
Com- ed Birregulariti
ank for Af
Group PLC mittees. The review was performed in compliance
report should be read with Section 11.2.9.5
in conjunction withandthe Principle
Corporate 15 Governance
of the Nigerian Code of
Section of the Annual Rep
Marina Road Deloitte
Corporate & Touche (“NCCG”)
Governance has performed
and thethe annual
Central Bankevaluation
of Nigeriaof the of
Code Board of Directors
Corporate of UBA
Governance forPlc for the
Banks and year ended 31 D
assessment
os Island, Lagos Discount of the Board’s
Yours structure
Houses (“CBN Code”). faithfully,and composition, its responsibilities, processes, procedures and the effectivene
ria. compliance with Section 2.8.3 of the Code of Corporate Governance for Banks and Discount Houses (“CBN Code”) is
OurNigerian
approachCode
involved Yours faithfully,
of Corporate
a review Governance
of (“NCCG”).
the Corporate Governance framework in UBA Plc, governance charters and
policies and management framework in UBA Plc. The report of our evaluation was premised on desk review of gov-
Our approach involved Foar: review
Deloitteofathe
nd TBoard
oucheframework in UBA Plc, relevant governance documents, policies and pr
ernance olicies, charters and minutes, as well as interview sessions with Directors and select Executive Management
on desk review of governance documents, interview sessions with Directors and survey responses received from the
staff.
The result of our evaluation has shown that the Board complies with the provisions of the extant Codes of Corporate
The result of our evaluationIbhas
ukushown
n Beecthat
roft the Corporate Governance framework and practices in UBA Plc com-
procedures and responsibilities. We also ascertained that the key Board functionaries (Board and Board Committee C
plies with the provisions ofFthe
RC/extant
2020/Codes
ICAN/0of00Corporate
0002076Governance.
5 The report further highlights details of our
responsibilities under the Codes and governance charters in UBA Plc. The report further highlights details of our revi
review activities. Partner
It should be noted that the matters raised in this report are only those that came to our attention during the course
It should beinformation,
noted that the matters raised inreserved
this report are only those that came to our attention during the course
does not necessarily
© 2023 For disclose
contact Deloitte allAll rights
& Touche. significant matters about the company or reveal any irregularities. As such, we do no
of our review. The evaluation is limited in nature and does not necessarily disclose all significant matters about the
report should be read in conjunction with the Corporate Governance Section of the Annual Report.
company or reveal any irregularities. As such, we do not express any opinion on the activities reported.
Yours faithfully,
Yours faithfully,
Yours faithfully,
Ibukun Beecroft
RC/2020/ICAN/00000020765
FRC/2020/ICAN/00000020765
Partner
Partner
2023 For information, contact Deloitte & Touche. All rights reserved

05
Financial
Statements
Report of Independent Auditors
Statements of Comprehensive Income
Statements of Financial Position
Statements of Changes in Equity
Statements of Cash Flow
Notes to the Consolidated and Separate Financial Statements
Statements of Value Added
Five-year Financial Summary
Corporate Strategy & Sustainability Governance Investor Corporate
Profile Business Review & Responsibility Information Information
Financial
Statements

Financial
Statements

Financial
Statements

Financial
Statements
United Bank for Africa Plc
Consolidated and Separate Statements of Comprehensive Income
For the year ended 31 December 2022
Group Bank
In millions of Nigerian Naira Notes 2022 2021 2022 2021
Interest income 10 557,152 474,262 344,490 288,564
Interest income on amortised cost and FVOCI securities 556,737 473,909 344,075 288,353
Interest income on FVTPL securities 415 353 415 211
Interest expense 11 (177,663) (157,551) (127,185) (101,649)
Net interest income 379,489 316,711 217,305 186,915
Impairment charge for credit losses on Loans 12a (19,671) (9,851) (5,669) (9,049)
Net impairment Write back on other financial assets 12b (22,297) (3,012) (4,896) (700)
Net interest income after impairment on financial instru- 337,521 303,848 206,740 177,166
ments
Fees and commission income 13 210,522 158,648 113,939 76,636
Fees and commission expense 14 (82,577) (57,746) (54,627) (40,410)
Net fee and commission income 128,243 100,902 59,312 36,226
Net trading and foreign exchange income/(loss) 15 72,150 16,385 53,193 347
Other operating income 16 13,040 8,996 52,933 15,946
Employee benefit expenses 17 (113,988) (93,244) (60,451) (45,985)
Depreciation and amortisation 18 (26,218) (22,700) (18,316) (15,761)
Other operating expenses 19 (209,885) (163,042) (152,094) (107,420)
Share of profit of equity-accounted investee 29(a) 311 1,928 - -
Profit before income tax 200,876 153,073 141,317 60,519
Income tax expense 20 (30,599) (34,395) (7,621) (1,850)
Profit for the year 170,277 118,678 133,696 58,669
Other comprehensive loss

Items that will be reclassified to Profit or loss:
Exchange differences on translation of foreign operations (1,950) 1,683 - -
Fair value changes on investments in debt securities at fair
value through other comprehensive income (FVOCI):
Net change in fair value for the year (23,196) (22,999) (20,645) (22,852)
Net amount transferred to profit or loss (1,299) (1,677) (1,300) (1,660)
(26,445) (22,993) (21,945) (24,512)
Items that will not be reclassified to Profit or loss:
Fair value changes on equity investments designated at FVOCI 6,659 8,386 6,039 8,314
6,659 8,386 6,039 8,314
Other comprehensive loss for the year, net of tax (19,786) (14,607) (15,905) (16,198)
Total comprehensive income for the year 150,491 104,071 117,791 42,471
Profit for the year attributable to:

Owners of Parent 165,451 115,883 133,696 58,669
Non-controlling interests 4,826 2,795 - -
Profit for the year 170,277 118,678 133,696 58,669
Total comprehensive income attributable to:
Owners of Parent 145,039 103,333 117,791 42,471
Non-controlling interests 5,452 738 - -
Total comprehensive income for the year 150,491 104,071 117,791 42,471
Earnings per share attributable to owners of the parent
Basic and diluted earnings per share (Naira) 21 4.84 3.39 3.91 1.72
‘The accompanying notes to the financial statements are an integral part of these consolidated and separate financial statements.

Consolidated and Separate Statements of Financial Position
As at 31 December 2022
Group Bank
In millions of Nigerian Naira Notes 31 Dec. 22 31 Dec. 21 31 Dec. 22 31 Dec. 21
ASSETS
Cash and bank balances 22 2,553,629 1,818,784 2,154,971 1,446,906
Financial assets at fair value through profit or loss 23 14,963 13,096 14,963 7,984
Assets under management 24 12,923 - 12,923 -
Derivative assets 34(a) 39,830 33,340 39,830 33,340
Loans and advances to banks 25 303,249 153,897 231,753 120,124
Loans and advances to customers 26 3,136,879 2,680,667 2,123,097 1,848,102
Investment securities:
- At fair value through other comprehensive income 27 2,193,253 993,791 2,071,689 840,249
- At amortised cost 27 1,987,438 2,341,839 115,376 806,217
Other assets 28 254,704 149,154 156,535 88,649
Investment in equity-accounted investee 29 - 8,945 - 2,715
Investment in subsidiaries 30 - - 145,993 103,275
Property and equipment 31 208,039 178,117 163,841 141,581
Intangible assets 32 33,468 30,450 12,618 18,063
Deferred tax assets 33 23,603 43,329 21,862 21,862
10,761,978 8,445,409 7,265,451 5,479,067
Non-Current Assets Held for Sale 35 95,593 95,909 95,593 95,909
TOTAL ASSETS 10,857,571 8,541,318 7,361,044 5,574,976

LIABILITIES
Deposits from banks 36 1,170,238 654,211 863,795 483,110
Deposits from customers 37 7,824,892 6,369,189 5,046,514 4,004,306
Derivative liabilities 34(b) 79 98 79 98
Other liabilities 38 383,283 216,209 326,690 127,338
Current income tax payable 20 20,281 21,415 8,327 2,751
Borrowings 39 535,735 455,772 530,446 455,772
Deferred tax liability 33 959 19,617 - -
TOTAL LIABILITIES 9,935,467 7,736,511 6,775,851 5,073,375
EQUITY
Share capital 41 17,100 17,100 17,100 17,100
Share premium 41 98,715 98,715 98,715 98,715
Retained earnings 41 429,533 335,843 191,418 124,536
Other reserves 41 341,949 324,516 277,960 261,250
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 887,297 776,174 585,193 501,601
Non-controlling interests 30 34,807 28,633 - -
TOTAL EQUITY 922,104 804,807 585,193 501,601
TOTAL LIABILITIES AND EQUITY 10,857,571 8,541,318 7,361,044 5,574,976
The accompanying notes to the financial statements are an integral part of these consolidated and separate financial statements.
The consolidated and separate financial statements were approved by the Board of Directors and authorized for issue
on 9 February 2023 and signed on its behalf by :
Ugo A. Nwaghodoh Oliver Alawuba

ED Finance and Risk Management Tony O. Elumelu, CFR Group Managing Director/CEO
FRC/2012/ICAN/00000000272 Chairman, Board of Directors FRC/2022/PRO/DIR/003/589226
FRC/2013/CIBN/00000002590

Profile
(i) Group
Corporate
Attributable to equity holders of the parent

Foreign
operations Regulatory Non-
Share Share translation credit risk Fair value Statutory Retained controlling Total
In millions of Nigerian naira capital premium reserve reserve reserve reserve earnings Total interests equity
At 1 January 2021 (Restated) 17,100 98,715 40,512 45,496 122,807 115,379 251,642 691,651 27,895 719,546
Profit for the year - - - - - - 115,883 115,883 2,795 118,678
Strategy &
Exchange differences on translation of foreign operations - - 3,740 - - - - 3,740 (2,057) 1,683

Business Review
Fair value change in debt instruments classified as FVOCI - - - - (22,999) - - (22,999) - (22,999)
Fair value change in equity instruments classified as FVOCI - - - - 8,386 - - 8,386 - 8,386
Net amount transferred to profit or loss - - - - (1,677) - - (1,677) - (1,677)
Total comprehensive income for the year - - 3,740 - (16,290) - 115,883 103,333 738 104,071
Transfer between reserves - - - (4,859) - 17,731 (12,872) - - -
Sustainability
Transactions with owners

& Responsibility
Dividends paid - - - - - - (18,810) (18,810) - (18,810)

Balance at 31 December 2021 17,100 98,715 44,252 40,637 106,517 133,110 335,843 776,174 28,633 804,807
At 1 January 2022 17,100 98,715 44,252 40,637 106,517 133,110 335,843 776,174 28,633 804,807
Governance
Profit for the year - - - - - - 165,451 165,451 4,826 170,277

Exchange differences on translation of foreign operations - - (2,576) - - - - (2,576) 626 (1,950)
Fair value change in debt instruments classified as FVOCI - - - - (23,196) - - (23,196) - (23,196)
Fair value change in equity instruments classified as 6,659 - 6,659 6,659
FVOCI
Net amount transferred to profit or loss - - - - (1,299) - - (1,299) - (1,299)
Financial
Total comprehensive income for the year - - (2,576) - (17,837) - 165,451 145,038 5,452 150,491
Statements
Transfer between reserves - - 12,008 - 25,838 (37,846) - - -

Non controlling interest arising from business combination - - - - - - - - 3,152 3,152
(28c)
Consolidated and Separate Statements of Changes in Equity
Investor
Change in ownership interest in subsidiaries arising from - - - - - - 2,431 2,431 (2,431) -

parent's additional investment
Information
Dividends paid - - - - - - (36,346) (36,346) - (36,346)

‘‘The accompanying notes to the financial statements are an integral part of these consolidated and separate financial statements.
Corporate
Information

93
Consolidated and Separate Statements of Changes in Equity
(i) Bank
Regulatory
Share Share credit risk Fair value Statutory Retained
In millions of Nigerian naira capital premium reserve reserve reserve earnings Total
At 1 January 2021 17,100 98,715 45,773 123,421 97,451 95,480 477,940
Profit for the year - - - - - 58,669 58,669
Fair value change in debt instruments classified - - - (22,852) - - (22,852)
as FVOCI
Fair value change in equity instruments classi- - - - 8,314 - - 8,314
fied as FVOCI
Net amount transferred to profit or loss - - - (1,660) - - (1,660)
Total comprehensive income for the year - - - (16,198) - 58,669 42,471
Transfer between reserves - - (4,068) - 14,872 (10,804) -

Dividends paid - - - - - (18,810) (18,810)
Balance as at 31 December 2021 17,100 98,715 41,705 107,223 112,323 124,535 501,601
At 1 January 2022 17,100 98,715 41,705 107,223 112,322 124,536 501,601
Profit for the year - - - - - 133,696 133,696

Fair value change in debt instruments classified - - - (20,645) - - (20,645)
as FVOCI
Fair value change in equity instruments classi- - - - 6,039 - - 6,039
fied as FVOCI
Net amount transferred to profit or loss - - - (1,300) - - (1,300)
Total comprehensive income for the year - - - (15,905) - 133,696 117,791
Transfer between reserves - - 12,560 - 20,054 (32,614) -
Dividends paid - - - - - (34,199) (34,199)
Balance at 31 December 2022 17,100 98,715 54,265 91,318 132,377 191,418 585,193
The accompanying notes to the financial statements are an integral part of these consolidated and separate financial statements

Financial
Statements
Consolidated and Separate Statements of Cash Flows
Group Bank
In millions of Nigerian Naira Notes 2022 2021 2022 2021
Cash flows from operating activities
Adjustments for:
Depreciation of property and equipment 18 17,717 14,913 13,145 10,606
Amortisation of intangible assets 18 4,881 4,283 3,765 3,482
Depreciation of right-of-use assets 18 3,620 3,504 1,406 1,673
Impairment charge on loans to customers 12 23,348 9,901 3,542 5,111
Impairment charge/(reversal) on investment securities 12 17,979 784 1,978 371
Impairment charge on off-balance sheet items 12 1,232 3,520 1,273 1,216
Impairment charge on loans to banks 12 (1) 645 (439) 427
Write-off of loans and advances 12 4,874 4,653 4,010 3,896
Impairment (reversal)/ charge on other assets 12 3,086 (1,292) 1,645 (887)
Net fair value loss / (gain) on derivative financial instruments 15 (6,509) 19,398 (6,509) 19,398
Foreign currency revaluation loss / (gain) 15 (5,743) 2,031 (4,253) 3,101
Dividend income 16 (4,042) (3,352) (51,859) (12,660)
Net (gain)/loss on disposal of property and equipment 16/19 (21) (1,992) - (1,992)
Write-off of property and equipment 31 974 231 1,415 219
Net amount transferred to the profit or loss (1,300) (1,660) (1,300) (1,660)
Net interest income 10 / 11 (379,489) (316,711) (217,305) (186,915)
Share of profit of equity-accounted investee 28 (311) (1,928) - -
(118,828) (109,999) (108,169) (94,095)

Changes in operating assets and liabilities
Change in financial assets at FVTPL 40 (1,796) 126,093 (6,908) 87,863
Change in cash reserve balance with CBN 40 (313,294) 134,019 (278,223) 11,891
Change in loans and advances to banks 40 (150,017) (76,245) (111,013) (54,797)
Change in loans and advances to customers 40 (470,988) (230,744) (348,118) (121,735)
Change in other assets 40 (67,352) (15,722) 451 60,406
Change in deposits from banks 40 514,403 235,010 379,314 360,075
Change in deposits from customers 40 1,444,520 683,846 1,033,199 170,870
Change in placement with banks 40 51,687 (11,059) (2,204) (92,981)
Change in other liabilities and provisions 38 142,239 47,759 186,930 29,428
Interest received 40 527,522 462,176 405,974 266,584
Interest paid on deposits from banks and customers 40 (128,715) (113,964) (85,961) (58,340)
Income tax paid 20(c) (31,733) (23,064) (2,045) (577)
Net cash generated from operating activities 1,397,649 1,108,106 1,063,228 671,619
Cash flows from investing activities

Proceeds from sale/redemption of investment securities 40 7,988,172 7,126,249 2,888,277 6,796,615
Purchase of investment securities 40 (8,847,721) (7,890,948) (3,462,564) (7,148,520)
Purchase of property and equipment 31 (40,364) (35,351) (31,166) (30,589)
Prepaid Lease Payment 31 (10,063) (2,065) (3,642) (1,663)
Purchase of intangible assets 32 (3,408) (5,366) (742) (5,296)
Additional investment in subsidiaries 30 - - (8,300) -
Subscription for Investment in African Subsidiaries 28 - - (7,424) (26,846)
Cash acquired from business combinations 29 17,973 - - -
Proceeds from disposal of property and equipment 594 8,093 387 7,921
Proceeds from disposal of intangible assets 708 6 106 9
Dividend received 40 2,177 2,996 20,571 9,822
Net cash used in investing activities (891,933) (796,386) (604,497) (398,547)
Cash flows from financing activities

Interest paid on borrowings 39 (26,582) (34,805) (26,582) (33,782)
Proceeds from borrowings 39 219,845 280,752 214,555 280,752
Repayment of borrowings 39 (182,955) (543,972) (182,955) (539,920)
Payments of principal on leases 38 (4,914) (1,340) (1,856) (1,134)
Payments of interest on leases 38 (466) (398) (426) (106)
Dividend paid to shareholders 42 (36,346) (18,810) (34,199) (18,810)
Net cash used in financing activities (31,418) (318,573) (31,463) (313,000)
Increase/ (decrease) in cash and cash equivalents 474,298 (6,853) 427,268 (39,928)
Effects of exchange rate changes on cash and cash equivalents 322 (1,832) (3) (330)
Cash and cash equivalents at beginning of year 22 785,910 794,594 393,171 433,429
Cash and cash equivalents at end of year 22 1,260,530 785,910 820,436 393,171
The accompanying notes to the financial statements are an integral part of these consolidated and separate financial statements.

Notes to Financial Statements
1. GENERAL INFORMATION
United Bank for Africa Plc. (the ‘Bank’; UBA) is a Nigerian registered company incorporated on February 23 1961 to take over the
business of British and French Bank Limited (BFB). UBA listed its shares on the Nigerian Stock Exchange (NSE) in 1970 and became
the first Nigerian bank to subsequently undertake an Initial Public Offering (IPO). The Bank’s registered address is at 57 Marina,
Lagos, Nigeria.
The consolidated and separate financial statements of the Group for the year ended December 31 2022 comprise the Bank
(Parent) and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”). The Bank and its
subsidiaries are primarily involved in corporate, commercial and retail banking, trade services, cash management, treasury and
custodial services.
The consolidated and separate financial statements for the year ended December 31 2022 were approved and authorised for
issue by the Board of Directors on February 9 2023.
2. BASIS OF PREPARATION
These consolidated and separate financial statements comply and have been prepared in accordance with International Finan-
cial Reporting Standards as issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS
Interpretations Committee (IFRS IC), and in the manner required by the Companies and Allied Matters Act of Nigeria 2020, the
Financial Reporting Council of Nigeria Act, 2011 and the Banks and other Financial Institutions Act 2020 and relevant Central
Bank of Nigeria circulars.
3. SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of measurement
These financial statements have been prepared on a historical cost basis, except for the following:
• Derivative financial instruments which are measured at fair value.
• Financial assets measured at fair value through profit or loss.
• Financial instruments measured at fair value through other comprehensive income.
3.2 Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary eco-
nomic environment in which the entity operates (“the functional currency”). The financial statements are presented in Nigerian
Naira (N) which is the Bank’s functional currency and the Group’s presentation currency.
3.3 Use of estimates and judgements
The preparation of financial statements requires the directors to make judgments, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, incomes and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circum-
stances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future
periods, if the revision affects both current and future periods.

Financial
Statements
3.4 Basis of consolidation
(a) Subsidiaries
Subsidiaries (including structured entities) are entities controlled by the Group. Control exists when the Group has rights
to variable returns from its involvement in an entity and has the ability to affect those returns through its power over the
entity. The Group also assesses existence of control where it does not have more than 50% of the voting power but is
able to govern the financial and operating policies by virtue of de-facto control. Subsidiaries are fully consolidated from
the date in which control is transferred to the Group. They are deconsolidated from the date control ceases.
The accounting policies of subsidiaries have been changed, where necessary, to align with the policies adopted by the
Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests.
In the separate financial statements, investments in subsidiaries are carried at cost less impairment.
(b) Business combinations
Business combinations are accounted for using the acquisition method.
The Group measures goodwill at the acquisition date as the total of:
• the fair value of the consideration transferred; plus
• the amount of any non-controlling interest in the acquiree; plus if the business combination is achieved in stages,
the fair value of the existing equity interest in the acquiree;
• less the net amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When this total is negative, a bargain purchase gain is recognised in profit or loss.
Non-controlling interests are measured at their proportionate share of the acquiree’s identifiable net assets at the ac-
quisition date. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as
equity transactions.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities that the Group
incurs in connection with a business combination are expensed as incurred.
If the business combination is achieved in stages, the acquisition date carrying value of any previously held equity
interest in the acquiree is re-measured to fair value at the acquisition date and any gains or losses arising from such
re-measurement are recognised in profit or loss.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration
is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes
to the fair value of the contingent consideration are recognised in profit or loss.
(c) Disposal of subsidiaries
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when
control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount
for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
addition, any amounts previously recognised in other comprehensive income, in respect of that entity, are accounted
for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously rec-
ognised in other comprehensive income are reclassified to profit or loss.

(d) Transactions eliminated on consolidation
Intra-group balances and any unrealised gains or losses or incomes and expenses arising from intra-group transactions,
are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with asso-
ciates are eliminated to the extent of the Group’s interest in the entity. Unrealised losses are eliminated in the same way
as unrealised gains, but only to the extent that there is no evidence of impairment.
(e) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions.
The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded
in equity.
(f) Associates
Associates are all entities over which the group has significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity
method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount
is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition.
The group’s investment in associates includes goodwill identified on acquisition. In the separate financial statements,
investments in associates are carried at cost less impairment.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of
the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
The Group’s share of post-acquisition profit or loss is recognised in profit or loss and its share of post-acquisition move-
ments in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment
to the carrying amount of the investment. When the group’s share of losses in an associate equals or exceeds its interest
in the associate, including any other unsecured receivables, the group does not recognise further losses unless it has
incurred legal or constructive obligations or made payments on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the as-
sociate is impaired. If this is the case, the group calculates the amount of impairment as the difference between the
recoverable amount of the associate and its carrying value and recognises the amount adjacent to ‘share of profit/(loss)’
of associates in profit or loss.
Profits and losses resulting from transactions between the Group and its associate are recognised in the Group’s financial
statements only to the extent of unrelated investor’s interests in the associates. Unrealised losses are eliminated unless
the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been
changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising on investments in associates are recognised in the profit or loss.
3.5 Foreign currency transactions and balances
(a) Foreign currency transactions
Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At the reporting
date, monetary assets and liabilities denominated in foreign currencies are reported using the closing exchange rate.
Exchange differences arising on the settlement of transactions at rates different from those at the date of the transac-
tion, as well as unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities, are
recognized in profit or loss.

Financial
Statements
Unrealized exchange differences on non-monetary financial assets are a component of the change in their entire fair value. For
non-monetary financial assets measured at fair value through profit or loss, unrealized exchange differences are recognized
in profit or loss. For non-monetary financial assets measured at fair value through other comprehensive income, unrealized
exchange differences are recorded in other comprehensive income until the asset is sold or becomes impaired.
(b) Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated to Nigerian Naira at exchange rates at each reporting date. The income and expenses of foreign operations
are translated to Nigerian Naira at average rates..
Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency
translation reserve in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportion-
ate share of the translation difference is allocated to the non-controlling interest. When a foreign operation is disposed
of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related
to that foreign operation is re-classified to profit or loss as part of the gain or loss on disposal.
3.6 Interest income and interest expense
‘Interest income and expense for all interest bearing financial instruments are calculated by applying the effective inter-
est rate to the gross carrying amount for non-credit impaired financial assets and are recognised within ‘interest income’
and ‘interest expense’ in the profit or loss . The effective interest rate is the rate that exactly discounts the estimated future
cash payments and receipts through the expected life of the financial asset or liability (or, where appropriate, a shorter
period) to the net carrying amount of the financial asset or liability.
For credit-impaired financial assets subsequent to initial recognition, interest income is calculated by applying the cred-
it-adjusted effective interest rate to the amortised cost of the financial asset.
The calculation of the effective interest rate includes all transaction costs and fees paid or received that are an integral
part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acqui-
sition or issue of a financial asset or liability.
3.7 Fees and commissions income and expenses
Fees and commission income and expenses that are integral to the effective interest rate on a financial asset or liability
are included in the measurement of the effective interest rate. Other fees and commission income, including account
servicing fees, investment management and other fiduciary activity fees, sales commission, placement fees and syndica-
tion fees, are recognised at a point in time, or over time as the performance obligations are satisfied.
3.8 Net trading and foreign exchange income
Net trading and foreign exchange income comprises gains less losses related to trading assets and liabilities, and in-
cludes all realised and unrealised fair value changes and foreign exchange differences. Net gains or losses on derivative
financial instruments measured at fair value through profit or loss are also included in net trading income.
3.9 Dividend income
Dividend income is recognised when the right to receive income is established. Dividends are reflected as a component
of other operating income and recognised gross of the associated withholding tax. The withholding tax expense is in-
cluded as a component of taxation charge for the relevant period.

3.10 Income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the profit or loss except to
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current income tax liability is the expected tax payable on taxable income for the year, using tax rates enacted or sub-
stantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the follow-
ing temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction
that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to
investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. Deferred tax is
measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on laws
that have been enacted or substantively enacted by the reporting date.
‘Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiar-
ies, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the
temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries,
associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the fu-
ture and there is sufficient taxable profit available against which the temporary difference can be utilised.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities against
current tax assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax
entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be
realised simultaneously
3.11 Cash and bank balances
Cash and bank balances include notes and coins on hand, current balances with other banks, balances held with central
banks and placements with banks which are used by the Group in the management of its short-term commitments.
Cash and cash equivalents as referred to in the statement of cash flow comprises cash on hand, non-restricted current
accounts with central banks and amounts due from banks on demand or with an original maturity of three months or
less.
Cash and bank balances are carried at amortised cost in the statement of financial position.
3.12 Financial assets at fair value through profit or loss
These are the assets the Group acquires principally for the purpose of selling in the near term, or holds as part of a port-
folio that is managed together for short-term profit or position taking. They are measured at fair value with changes in
fair value recognised as part of net trading and foreign exchange income in profit or loss.

Financial
Statements

3.13 Derivative financial instruments
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subse-
quently remeasured at their fair value. Fair values are obtained from quoted market prices in active markets, including
recent market transactions, and valuation techniques. Derivatives are carried as assets when their fair value are positive
and as liabilities when their fair value are negative. All changes in fair value are recognized as part of net trading and
foreign exchange income in profit or loss.
3.14 Property and equipment
(a) Recognition and measurement
Items of property and equipment are carried at cost less accumulated depreciation and impairment losses. Cost in-
cludes expenditures that are directly attributable to the acquisition of the asset. When parts of an item of property and
equipment have different useful lives, they are accounted for as separate items (major components) of property and
equipment.
(b) Subsequent costs
The cost of replacing part of an item of property and equipment is recognised in the carrying amount of the item if
it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be
measured reliably. The costs of the day-to-day servicing of property and equipment are recognised in profit or loss as
incurred.
(c) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item
of property and equipment since this most closely reflects the expected pattern of consumption of the future economic
benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives. De-
preciation begins when an asset is available for use and ceases at the earlier of the date that the asset is derecognised or
classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
The estimated useful lives for the current and comparative period are as follows:
Land Not depreciated

Buildings 50 years
Leasehold improvements Over the shorter of the useful life of item or the lease period
Aircraft Between 16 and 20 years, depending on the component
Motor vehicles 6 years
Furniture and Fittings 5 years
Computer hardware 5 years
Equipment 5 years
Work in progress Not depreciated
Lifts* 10 years
*In the financial statements, lifts are not treated as a separate class of property and equipment. They are included as part
of Buildings.
Work in progress represents costs incurred on assets that are not available for use. On becoming available for use, the
related amounts are transferred to the appropriate category of property and equipment.

Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted if appropriate.
Changes in the expected useful life are accounted for by changing the amortisation period or methodology, as appro-
priate, and treated as changes in accounting estimates.
(d) De-recognition
An item of property and equipment is derecognised on disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is
derecognised.
3.15 Intangible assets
(a) Goodwill
Goodwill represents the excess of consideration over the Group’s interest in net fair value of net identifiable assets, lia-
bilities and contingent liabilities of the acquired subsidiaries at the date of acquisition. When the excess is negative, it is
recognised immediately in profit or loss. Goodwill is measured at cost less accumulated impairment losses.
Subsequent measurement
Goodwill is allocated to cash-generating units or groups of cash-generating units for the purpose of impairment testing.
The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit
from the business combination in which the goodwill arose. Goodwill is tested annually as well as whenever a trigger
event has been observed for impairment by comparing the present value of the expected future cash flows from a cash
generating unit with the carrying value of its net assets, including attributable goodwill. Impairment losses on goodwill
are not reversed.
(b) Software
Software acquired by the Group is stated at cost less accumulated amortisation and accumulated impairment loss-
es..
Expenditure on internally developed software is recognised as an asset when the Group is able to demonstrate its in-
tention and ability to complete the development and use the software in a manner that will generate future economic
benefits, and can reliably measure the costs to complete the development. The capitalised costs of internally developed
software include all costs directly attributable to developing the software, and are amortised over its useful life. Internally
developed software is stated at capitalised cost less accumulated amortisation and impairment.
Subsequent expenditure on software assets is capitalised only when it increases the future economic benefits embod-
ied in the specific asset to which it relates. All other expenditure is expensed as incurred.
Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life not exceeding five years,
from the date that it is available for use. The amortisation period and the amortisation method for an intangible asset
with a finite useful life are reviewed at each reporting date. Changes in the expected useful life, or the expected pattern
of consumption of future economic benefits embodied in the asset, are accounted for by changing the amortisation
period or methodology, as appropriate, which are then treated as changes in accounting estimates.
3.16 Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount.

Financial
Statements

An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use. Where
the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre–tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determin-
ing fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation
multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that
previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group
estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has
been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was
recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount,
nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss been
recognised for the asset in prior years. Such reversal is recognised in profit or loss. Impairment losses relating to goodwill
are not reversed in future periods.
3.17 Non-Current Assets Held for Sale
Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to
sell. Non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction
rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the
asset is available for immediate sale in its present condition, subject to terms that are usual and customary for sales of
such assets.
Immediately before classification as held for sale or distribution, the assets are re-measured in accordance with the
Group’s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair
value less costs to sell.
3.18 Repossessed collateral
Repossessed collateral represents financial and non-financial assets acquired by the Group in settlement of overdue
loans. The assets are initially recognised at fair value when acquired and included in the relevant assets depending
on the nature and the Group’s intention in respect of recovery of these assets; and are subsequently remeasured and
accounted for in accordance with the accounting policies for these categories of assets. In situation property is repos-
sessed following the foreclosure on loans that are in default,repossessed properties are measured at the lower of carry-
ing amount and fair value less costs to sell and reported as assets held for sale.
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups clas-
sified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.
Where repossessed collateral results in acquiring control over a business, the business combination is accounted for
using the acquisition method of accounting with fair value of the settled loan representing the cost of acquisition (refer
to the accounting policy for consolidation). Accounting policy for associates is applied to repossessed shares where
the Group obtains significant influence, but not control. The cost of the associate is the fair value of the loan settled by
repossessing the pledged shares.
3.19 Debt securities issued
The Group classifies debt and equity as financial liabilities or equity instruments in accordance with the substance of the
contractual terms of the instrument.

Debt securities issued are initially measured at fair value plus transaction costs, and subsequently measured at their
amortised cost using the effective interest method, except where the Group chooses to carry the liabilities at fair value
through profit or loss.
3.20 Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and
the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for.
A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract
are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the
present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing
with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated
with that contract.
3.21 Financial guarantee contracts
Financial guarantee contracts are contracts that require the Group (issuer) to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or
modified terms of a debt instrument.
Financial guarantee liabilities are initially recognised at their fair value, which is the premium received, and then amor-
tised over the life of the financial guarantee. Subsequent to initial recognition, the financial guarantee liability is mea-
sured at the higher of the expected credit loss provision and the unamortised premium. Financial guarantees are includ-
ed within other liabilities.
3.22 Employee benefits

Post-employment benefits
Defined contribution plans
The Group operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which
the Group makes fixed contributions on contractual basis. The group has no legal or constructive obligations to pay
further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee
service in the current and prior periods.
Obligations for contributions to defined contribution plans are recognised as an expense in profit or loss when they are
due.
UBA Plc operates a contributory pension plan in accordance with the Pension Reform Act, wherein the Bank contributes
10% of employees’ basic salary, housing and transport allowance to the designated pension fund administrator chosen
by each employee. As a part of the scheme, the Bank also remits employees’ contribution of 8% of the relevant compen-
sation to the same account, as provided by the Pension Reform Act , as amended. Other entities in the Group operate
their contributory plan in accordance with relevant local laws in their locations.
Termination benefits
The Group recognises termination benefits as an expense when the Group is demonstrably committed, without realistic
possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date,

Financial
Statements

or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. The Group settles
termination benefits within twelve months and are accounted for as short-term benefits.
Short term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related ser-
vice is provided.
A liability is recognised for the amount expected to be paid under short-term employee benefits if the Group has a
present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
3.23 Share capital and reserves
(a) Share issue costs

Incremental costs directly attributable to the issue of an equity instrument are deducted from the initial measurement
of the equity instruments.
(b) Dividend on ordinary shares

Dividends on the Group’s ordinary shares are recognised in equity in the period in which they are paid or, if earlier, ap-
proved by the Group’s shareholders.
(c) Treasury shares

Where the Group or any member of the Group purchases the Group’s shares, the consideration paid is deducted from
the shareholders’ equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued,
any consideration received is included in shareholders’ equity.
3.24 Earnings per share
The Group presents basic earnings per share (EPS) for its ordinary shares. Basic EPS is calculated by dividing the profit or
loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding
during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average
number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.
3.25 Fiduciary activities
The Group commonly acts as trustees in other fiduciary capacities that result in the holding or placing of assets on be-
half of individuals, trusts, retirement benefit plans and other institutions. These assets and incomes arising thereon are
excluded from these financial statements, as they are not assets of the Group.
3.26 Stock of consumables
Stock of consumables comprise materials to be consumed in the process of rendering of services as well as banking
accessories held for subsequent issuance to customers. They are measured at the lower of cost and net realisable value.
Cost comprises costs of purchase and other costs incurred in bringing the items of stock to their present location and
condition. Net realisable value is the estimated issuance price. When items of stock are issued to customers, their carry-
ing amount is recognised as an expense in the period in which the related revenue is recognised.

3.27 Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other compo-
nents, whose operating results are reviewed regularly by the Executive Management Committee headed by the Chief
Executive Officer, and the Board of Directors, to make decisions about resources allocated to each segment and assess
its performance, and for which discrete financial information is available. All costs that are directly traceable to the oper-
ating segments are allocated to the segment concerned, while indirect costs are allocated based on the benefits derived
from such cost.
3.28 IFRS 15: Revenue from contracts with customers
IFRS 15 - Revenue from Contracts with Customers defines principles for recognising revenue and is applicable to all
contracts with customers. However, interest and fee income integral to financial instruments and leases will continue to
fall outside the scope of IFRS 15 and will be accounted for using the other applicable standards (e.g., IFRS 9, and IFRS 16
Leases).
Revenue under IFRS 15 is recognised as goods and services are transferred, to the extent that the transferor anticipates
entitlement to goods and services. The standard also specifies a comprehensive set of disclosure requirements regard-
ing the nature, extent and timing as well as any uncertainty of revenue and the corresponding cash flows with custom-
ers.
3.29 IFRS 9: Financial instruments
a. Initial recognition, classification and measurement of financial assets
Regular-way purchases and sales of financial assets are recognized on the settlement date. Financial assets, which in-
clude both debt and equity securities are measured at initial recognition at fair value, and are classified and subsequently
measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amor-
tised cost. Subsequent classification and measurement for debt securities is based on the business model for managing
the financial instruments and the contractual cash flow characteristics of the instruments.
Debt instruments are measured at amortised cost if both of the following conditions are met and the asset is not des-
ignated as FVTPL: (a) the asset is held within a business model that is Hold-to-Collect (HTC) as described below, and (b)
the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding (SPPI).
Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as
FVTPL: (a) the asset is held within a business model that is Hold-to-Collect-and-Sell (HTC&S) as described below, and (b)
the contractual terms of the instrument give rise, on specified dates, to cash flows that are SPPI.
All other debt instruments are measured at FVTPL.
The Group has irrevocably elected to measure equity instruments at FVOCI as no equity instrument is held for trading
purposes.
b. Business model assessment
The Group determines the business models at the level that best reflects how portfolios of financial assets are managed
to achieve the Group’s business objectives. Judgment is used in determining the business models, which is supported
by relevant, objective evidence including:
• How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing

Financial
Statements

yields or other costs and how such economic activities are evaluated and reported to key management personnel;
• The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks
and the activities undertaken to manage those risks; and
• Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model.
The Group's business models fall into three categories, which are indicative of the key strategies used to generate re-
turns:
• Hold-to-Collect (HTC): The objective of this business model is to hold financial assets to collect contractual principal
and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent.
• Hold-to-Collect-and-Sell (HTC&S): Both collecting contractual cash flows and sales are integral to achieving the ob-
jective of the business model.
• Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent busi-
ness models where assets are held-for-trading or managed on a fair value basis.
c. SPPI assessment
Instruments held within a HTC or HTC&S business model are assessed to determine if their contractual cash flows are
comprised of solely payments of principal and interest (SPPI). SPPI payments are those which would typically be expect-
ed from basic lending arrangements. Principal amounts include par repayments from lending and financing arrange-
ments, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value
of money associated with the principal amount outstanding over a period of time. Interest can also include other basic
lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial
asset for a period of time, and a profit margin.
Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic
lending arrangement, the related financial asset is classified and measured at FVTPL.
d. Investment securities
Investment securities include all securities classified as FVOCI and amortised cost. All investment securities are initially
recorded at fair value and subsequently measured according to the respective classification.
Investment securities carried at amortised cost are measured using the effective interest method, and are presented
net of any allowance for credit losses, calculated in accordance with the Group’s policy for allowance for credit losses,
as described below. Interest income, including the amortization of premiums and discounts on securities measured
at amortised cost are recorded in interest income. Impairment gains or losses recognized on amortised cost securities
are recorded in Allowance for credit losses. When a debt instrument measured at amortised cost is sold, the difference
between the sale proceeds and the amortised cost of the security at the time of the sale is recorded as a fixed income
securities income in Net trading and foreign exchange income.
Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair
value included in fair value reserve in equity. Impairment gains and losses are included in allowance for credit losses and
correspondingly reduce the accumulated changes in fair value included in fair value reserve. When a debt instrument
measured at FVOCI is sold, the cumulative gain or loss is reclassified from fair value reserve to net trading and foreign
exchange income.
Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value
are recorded in fair value reserve and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI
equity securities are recognized in other operating income.
The Group accounts for all securities using settlement date accounting and changes in fair value between the trade date
and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities

measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange
rates on debt securities, which are recorded in net trading and foreign exchange income.
e. Fair value option
A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its
initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or
repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement
or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains
and losses on a different basis (an “accounting mismatch”). The fair value option can be elected for financial liabilities if:
(i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair
value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded
derivative in the financial or non-financial host contract and the derivative is not closely related to the host contract.
These instruments cannot be reclassified out of the FVTPL category while they are held or issued.
Financial assets designated as FVTPL are recorded at fair value and any unrealized gains or losses arising due to changes
in fair value are included in net trading and foreign exchange income.
Financial assets are reclassified when and only when the business model for managing those assets changes. The reclas-
sification takes place from the start of the first reporting period following the change. Such changes are expected to be
very infrequent and none occurred during the period.
f. Loans
Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the
classification of financial assets policy provided above. Loans are carried at amortised cost using the effective interest
method, which represents the gross carrying amount less allowance for credit losses.
Interest on loans is recognized in interest income using the effective interest method. The estimated future cash flows
used in this calculation include those determined by the contractual term of the asset and all fees that are considered
to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or
discounts.
Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as
Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable
expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over
the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other
liabilities and amortised into Other operating income over the commitment or standby period.
Impairment losses on loans are recognized at each balance sheet date in accordance with the three-stage impairment
model outlined below.
g. Allowance for credit losses
An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or desig-
nated as FVTPL and equity securities, which are not subject to impairment assessment. Assets subject to impairment
assessment include loans, overdrafts, debt securities, interest receivable and other financial assets. These are carried at
amortised cost and presented net of ACL on the Consolidated Statement of Financial Position. ACL on loans is presented
in Allowance for credit losses - loans and advances. ACL on debt securities measured at FVOCI is presented in profit or
loss with the corresponding entry to other comprehensive income. ACL on other financial assets is calculated using the
‘general approach’ and presented in ‘Allowance for impairment on account receivable’.
Off-balance sheet items subject to impairment assessment include financial guarantees and undrawn loan commit-
ments. For all other off-balance sheet products subject to impairment assessment, ACL is separately calculated and
included in Other Liabilities – Provisions.

Financial
Statements

The Credit Conversion Factor (CCF) is used to determine the credit exposure equivalent of the off balance sheet expo-
sure including the open or undrawn limits. The undrawn portion of the approved limit that would have been drawn at
the time of default are converted to exposure at default(EAD), this is in addition to the other off-balance sheet exposures
like bonds and guarantees, letters of credit etc. In determining the CCF, the bank considers the behavioural cash flow,
collateral type and the collateral value securing the facility, time to discover and prevent further drawing during the time
of increased credit risk, time lag to convert the collateral to cash, the recovery strategy and cost are also considered. CCF
is applied on the off balance exposures to determine the EAD and then subsequently the expected credit loss (ECL).
The ACL is measured at each reporting date according to a three-stage expected credit loss impairment model which is
based on changes in credit risk of financial assets since initial recognition:
1. Performing financial assets:

• Stage 1 – From initial recognition of a financial asset to the reporting date, where the asset has not experi-
enced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal
to the credit losses expected to result from defaults occurring over the 12 months following the reporting
date. Interest income is calculated on the gross carrying amount of these financial assets.
2. Underperforming financial assets:

• Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset,
a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset.
Interest income is calculated on the gross carrying amount of these financial assets.
3 . Impaired financial assets

• When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit
losses expected over the remaining lifetime of the asset. The Stage 3 expected credit loss impairment model
is based on changes in credit quality since initial recognition. Interest revenue is calculated based on the
carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount.
The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the
relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is
expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the
expected payments required under the guarantee contract.
Increases or decreases in the required ACL attributable to purchases and new originations, derecognitions or maturities,
and remeasurements due to changes in loss expectations or stage migrations are recorded in Provision for credit losses.
Write-offs and recoveries of amounts previously written off are recorded against ACL.
The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date.
Judgment is required in making assumptions and estimations when calculating the ACL, including movements be-
tween the three stages and the application of forward looking information. The underlying assumptions and estimates
may result in changes to the provisions from period to period that significantly affect our results of operations.
h. Measurement of expected credit losses
Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable
information including internal and external ratings, historical credit loss experience, and expectations about future cash
flows. The measurement of expected credit losses is based primarily on the product of the instrument’s probability of
default (PD), loss given default (LGD) and exposure at default (EAD) discounted to the reporting date. Stage 1 estimates
project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over
the remaining lifetime of the instrument.
An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modelled on a col-
lective basis using portfolio segmentation (corporates, retail, public sector and commercial) that allows for appropriate
incorporation of forward looking information.
Expected credit losses are discounted to the reporting period date using the effective interest rate.

i. Expected life
For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime
of the instrument. For most instruments, the expected life is limited to the remaining contractual life.
An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a
loan and undrawn commitment component; (b) the Group has the contractual ability to demand repayment and cancel
the undrawn commitment; and (c) the Group’s exposure to credit losses is not limited to the contractual notice period.
For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period
over which exposure to credit losses is not mitigated by normal credit risk management actions. This period varies by
product and risk category and is estimated based on the historical experience with similar exposures and consideration
of credit risk management actions taken as part of regular credit review cycle. Products in scope of this exemption in-
clude credit cards, overdraft balances and certain revolving lines of credit. Determining the instruments in scope for this
exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation
practices requires significant judgment.
j. Assessment of significant increase in credit risk
The assessment of significant increase in credit risk requires significant judgment. The Bank’s process to assess changes
in credit risk is based on the use ‘backstop’ indicators. Instruments which are more than 30 days past due may be cred-
it-impaired. There is a rebuttable presumption that the credit risk has increased significantly if contractual payments are
more than 30 days past due; this presumption is applied unless the Bank has reasonable and supportable information
demonstrating that the credit risk has not increased significantly since initial recognition.
The following are considered as exception:

1. Outstanding obligation is a result of an amount being disputed between the bank and obligor where the dispute
is not more than 90 days.
2. Outstanding obligation is an insignificant amount compared to the total amount due. Any amount not more than
10% of the total amount due is considered insignificant. Only applicable where there is no significant increase in
credit risk and analysed on a case by case basis.
The assessment is generally performed at the instrument level and it is performed at least on quarterly basis. If any of
the factors above indicate that a significant increase in credit risk has occurred, the instrument is moved from Stage 1
to Stage 2. The assessments for significant increases in credit risk since initial recognition and credit-impairment are per-
formed independently at each reporting period. Assets can move in both directions through the stages of the impair-
ment model. After a financial asset has migrated to Stage 2, if it is no longer considered that credit risk has significantly
increased relative to initial recognition in a subsequent reporting period, it will move back to Stage 1 after 90 days.
Similarly, an asset that is in Stage 3 will move back to Stage 2 if it is no longer considered to be credit-impaired after 90
days. An asset will not move back from stage 3 to stage 1 until after a minimum of 180 days, if it is no longer considered
to be credit impaired.
For certain instruments with low credit risk as at the reporting date, it is presumed that credit risk has not increased sig-
nificantly relative to initial recognition. Credit risk is considered to be low if the instrument has a low risk of default, and
the borrower has the ability to fulfil their contractual obligations both in the near term and in the longer term, including
periods of adverse changes in the economic or business environment.
k. Use of forward-looking information
The measurement of expected credit losses for each stage and the assessment of significant increase in credit risk con-
siders information about past events and current conditions as well as reasonable and supportable projections of future
events and economic conditions. The estimation and application of forward-looking information requires significant
judgment.

Financial
Statements

The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the
macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in
the relevant portfolio. Each macroeconomic scenario used in the expected credit loss calculation includes a projection of
all relevant macroeconomic variables applying scenario weights. Macroeconomic variables used in the expected credit
loss models include GDP growth rate, foreign exchange rates, inflation rate, crude oil prices and population growth rate.
The estimation of expected credit losses in Stage 1 and Stage 2 is a discounted probability-weighted estimate that
considers a minimum of three future macroeconomic scenarios. The base case scenario is based on macroeconomic
forecasts published by relevant government agencies. Upside and downside scenarios vary relative to our base case
scenario based on reasonably possible alternative macroeconomic conditions. Additional and more severe downside
scenarios are designed to capture material non-linearity of potential credit losses in portfolios. Scenario design, includ-
ing the identification of additional downside scenarios, occurs at least on an annual basis and more frequently if condi-
tions warrant.
Scenarios are designed to capture a wide range of possible outcomes and weighted according to the best estimate
of the relative likelihood of the range of outcomes that each scenario represents. Scenario weights take into account
historical frequency, current trends, and forward-looking conditions and are updated on a quarterly basis. All scenarios
considered are applied to all portfolios subject to expected credit losses with the same probabilities.
The assessment of significant increases in credit risk is based on changes in probability-weighted forward-looking life-
time PD as at the reporting date, using the same macroeconomic scenarios as the calculation of expected credit losses.
l. Definition of default
A default is considered to have occurred with regard to a particular obligor when either or both of the following events
have taken place.
• The bank considers that the obligor is unlikely to pay its credit obligations in full, without recourse by the bank to
actions such as realising security (if held).
• The obligor is past due more than 90 days on any material credit obligation to the bank (principal or interest).
Overdrafts will be considered as being past due once the customer has breached an advised limit or been advised
of a limit smaller than current outstanding.
• Interest payments equal to 90 days or more have been capitalized, rescheduled, rolled over into a new loan (ex-
cept where facilities have been reclassified).
The elements to be taken as indications of unlikeliness to pay include:

- The bank sells the credit obligation at a material credit-related economic loss.
- The bank consents to a distressed restructuring of the credit obligation where this is likely to result in a diminished
financial obligation caused by the material forgiveness, or postponement, of principal, interest or (where relevant)
fees.
- The bank has filed for the obligor’s bankruptcy or a similar order in respect of the obligor’s credit obligation to the
banking group.
The following are considered as exceptions:
a. Outstanding obligation is a result of an amount being disputed between the bank and obligor where the dispute
is not more than 150 days;
b. In the case of specialized loans, default is defined as where the obligor is past due more than 180 days on any
material credit obligation to the bank (principal or interest). This is consistent with CBN guidelines on IFRS 9. In
addition, it is consistent with the Bank’s historical default pattern on this category of loans. The specialized loans
to which this is applicable are Project Financing, Object Financing, Income Producing Real Estate, Commercial Real
Estate and Mortgage Loans;
c. Outstanding obligation is an insignificant amount compared to the total amount due. Any amount not more than
10% of amount due is considered insignificant. Only applicable where there is no significant increase in credit risk
and analysed on a case by case basis.

d. Exposure is still in default due to a new debit when the initial debit has been cleared. Usually occurs when the
debit that initiated the initial days past due has been paid but the days past due continues to reflect a debit.
m. Credit-impaired financial assets (Stage 3)
Financial assets are assessed for credit-impairment at each balance sheet date and more frequently when circumstances
warrant further assessment. Evidence of credit-impairment may include indications that the borrower is experiencing
significant financial difficulty, probability of bankruptcy or other financial reorganization, as well as a measurable de-
crease in the estimated future cash flows evidenced by the adverse changes in the payments status of the borrower or
economic conditions that correlate with defaults.
A loan is considered for transfer from stage 2 to stage 1 where there is significant improvement in credit risk and from
stage 3 to stage 2 (declassified) where the facility is no longer in default. Factors that are considered in such backward
transitioning include the following:
i) Declassification of the exposure by all the licensed private credit bureaux or the credit risk management system;
ii) Improvement of relevant credit risk drivers for an individual obligor (or pool of obligors);
iii) Evidence of full repayment of principal or interest.
Generally, the above are to represent an improvement in credit risk to warrant consideration for a backward transition
of loans. Where there is evidence of significant reduction in credit risk, the following probationary periods should apply
before a loan may be moved to a lower stage (indicating lower risk):
Transfer from Stage 2 to 1:- 90 days
Transfer from Stage 3 to 2:- 90 days
Transfer from Stage 3 to Stage 1:- 180 days
When a financial asset has been identified as credit-impaired, expected credit losses are measured as the difference
between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the in-
strument’s original effective interest rate. For impaired financial assets with drawn and undrawn components, expected
credit losses also reflect any credit losses related to the portion of the loan commitment that is expected to be drawn
down over the remaining life of the instrument.
When a financial asset is credit-impaired, interest ceases to be recognised on the regular accrual basis, which accrues
income based on the gross carrying amount of the asset. Rather, interest income is calculated by applying the original
effective interest rate to the amortised cost of the asset, which is the gross carrying amount less the related ACL.
Following impairment, interest income is recognized on the unwinding of the discount from the initial recognition of
impairment.
n. Write-off of loans
Loans and the related ACL are written off, either partially or in full, when there is no realistic prospect of recovery. Where
loans are secured, they are generally written off after receipt of any proceeds from the realization of collateral. In circum-
stances where the net realizable value of any collateral has been determined and there is no reasonable expectation of
further recovery, write off may be earlier.
Written-off loans are derecognised from the Group’s books. However, the Group continues enforcement activities on
all written-off loans until full recovery is achieved or such time when it is objectively evident that recovery is no longer
feasible.

Financial
Statements

o. Modifications
The credit risk of a financial asset will not necessarily decrease merely as a result of a modification of the contractual cash
flows. If the contractual cash flows on a financial asset have been renegotiated or modified and the financial asset was
not derecognised, the Bank assesses whether there has been a significant increase in the credit risk of the financial by
comparing:
(1) the risk of a default occurring at the reporting date (based on the modified contractual terms); and
(2) the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms).
A modification will however lead to derecognition of existing loan and recognition of a new loan i.e. substantial modi-
fication if:
• the discounted present value of the cash flows under the new terms, including any fees received net of any fees
paid and discounted using the original effective interest rate, is at least 10 per cent different from the discounted
present value of the remaining cash flows of the original financial asset.
The following will be applicable to modified financial assets:

• The modification of a distressed asset is treated as an originated credit-impaired asset requiring recognition of
life-time ECL after modification.
• The cumulative changes in lifetime expected credit losses since initial recognition is recognized as a loss allow-
ance for purchase or originated credit-impaired financial asset at the reporting date.
• The general impairment model does not apply to purchased or originated credit-impaired assets.
The following situations (qualitative) may however not lead to a derecognition of the loan:
• Change in interest rate arising from a change in MPR which is the benchmark rate that drives borrowing rates in
Nigeria;
• Change in financial asset’s tenor (increase or decrease);
• Change in installment amount to higher or lower amount;
• Change in the annuity repayment pattern, for example, from monthly to quarterly, half-yearly or yearly
• Change in the applicable financial asset fee
Modification gain or loss is included as part of allowance for credit loss for each financial year.
p. Classification and measurement of financial liabilities
The Group recognizes financial liabilities when it first becomes a party to the contractual rights and obligations in the
relevant contracts.
Under IFRS 9, financial liabilities are either classified as financial liabilities at amortised cost or financial liabilities at FVTPL.
The Group classifies its financial liabilities as measured at amortised cost, except for:
i. Financial liabilities at FVTPL: this classification is applied to derivatives, financial liabilities held for trading (e.g. short
positions in the trading booking) and other financial liabilities designated as such at initial recognition. A financial
liability is classified as held for trading if it is a part of a portfolio of specific financial instruments that are managed
together and for which there is evidence of a recent actual pattern of short-term profit-taking.
Gains or losses from financial liabilities designated at fair value through profit or loss are presented partially in other
comprehensive income (the amount of change in the fair value of the financial liability that is attributable to chang-
es in the Group’s own credit risk, which is determined as the amount that is not attributable to changes in market
conditions that give rise to market risk) and partially profit or loss (the remaining amount of change in the fair value
of the liability). This is unless such a presentation would create, or enlarge, an accounting mismatch, in which case
the gains and losses attributable to changes in the Group’s credit risk are also presented in profit or loss;
ii. Financial guarantee contracts and commitments.

Financial liabilities that are not classified at fair value through profit or loss are measured at amortised cost using the
effective interest rate method. Financial liabilities measured at amortised cost are deposits from banks or customers,
borrowings, and subordinated liabilities.
q. De-recognition of financial instruments
The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire or when
the Group transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substan-
tially all the risks and rewards of ownership of the financial assets are transferred, or has assumed an obligation to pay those
cash flows to one or more recipients, subject to certain criteria.
Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.
The Group may enter into transactions whereby it transfers assets , but retains either all risks and rewards of the trans-
ferred assets or a portion of them. If all or substantially all risks and rewards are retained, then the transferred assets are
not derecognised. In transactions where the Group neither retains nor transfers substantially all the risks and rewards of
ownership of a financial asset, it derecognises the asset if control over the asset is lost.
The rights and obligations retained in the transfer are recognised separately as assets and liabilities as appropriate. In
transfers where control over the asset is retained, the Group continues to recognise the asset to the extent of its con-
tinuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred asset.
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expired.
3.30 IFRS 16 Leases
At contract inception the Group assesses at whether a contract is, or contains, a lease. That is, if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group adopts a single measurement approach and recognizes right to use of assets and lease liability at com-
mencement date of a lease contract.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated
useful lives of the assets.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease com-
mencement date because the interest rate implicit in the lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate
used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
Group is the lessor
When assets are leased to a third party under finance lease terms, the present value of the lease income is recognised

Financial
Statements

as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as un-
earned finance income. Lease income is recognised over the term of the lease using the net investment method (before
tax), which reflects a constant periodic rate of return.
3.31 Changes in accounting policies
Except for the following new standards, the Group has consistently applied the accounting policies as set out in Notes
3.1 - 3.30 to all periods presented in these consolidated and separate financial statements. The Group has adopted these
new amendments with initial date of application of January 1, 2022.
a) Reference to the Conceptual Framework – Amendments to IFRS 3
The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains
or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent
Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the
criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obliga-
tion exists at the acquisition date.
This amendment does not have an impact on the Group’s Financial statement.
b) Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16
The standard prohibits entity to deduct proceeds from selling items produced while bringing that asset to the location
and condition necessary for it to be capable of operating in the manner intended by management from the cost of an
item of property, plant and equipment . Entities are however allowed to recognize the proceeds from selling such items,
and the cost of producing those items, in profit or loss.
The amendment is effective for annual periods beginning on or after 1 January 2022. This amendment does not have an
impact on the Group’s Financial statement.
c) Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37
The standard specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. the stan-
dard further states that costs that relate directly to a contract can either be incremental costs of fulfilling that contract
(examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an
example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfill-
ing the contract). The amendment is effective for annual periods beginning on or after 1 January 2022. This amendment
does not have an impact on the Group’s Financial statement.
d) Annual Improvements to IFRS Standards 2018–2020
The following is a summary of the amendments from the 2018-2020 annual improvements cycle:
IFRS 1 First-time Adoption of International Financial Reporting Standards - The amendment permits a subsidiary
that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts report-
ed in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS, if no adjustments
were made for consolidation procedures and for the effects of the business combination in which the parent acquired
the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of
IFRS 1.
The group has incorporated this amendment in the preparation of the financial statement.

IFRS 9 Financial Instruments - Fees in the ’10 per cent’ test for derecognition of financial liabilities: The amend-
ment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability
are substantially different from the terms of the original financial liability.
The group has incorporated this amendment in the preparation of the financial statement.
IFRS 16 Leases - Lease incentives: The amendment removes the illustration of payments from the lessor relating to
leasehold improvements in Illustrative Example 13 accompanying IFRS 16. This removes potential confusion regarding
the treatment of lease incentives when applying IFRS 16.
3.32 Standards and interpretations issued/amended but not yet effective
The standards listed below have been issued or amended by the IASB but are yet to become effective for annual periods
beginning on or after 1 January 2022. The Group has not applied the following new or amended standards in preparing
these consolidated and separate financial statements as it plans to adopt these standards at their respective effective
dates. Commentaries on these new standards/amendments are provided below.
a) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12
This standard is Effective for annual periods beginning on or after 1 January 2023. In determining the tax base of assets
and liabilities, the amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a
matter of judgement (having considered the applicable tax law) whether such deductions are attributable for tax pur-
poses to the liability recognised in the financial statements (and interest expense) or to the related asset component
(and interest expense). This judgement is important in determining whether any temporary differences exist on initial
recognition of the asset and liability.
Also, in respect of changes to the initial recognition exception under the amendments, the initial recognition exception
does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differenc-
es. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning
asset component) give rise to taxable and deductible temporary differences that are not equal.
The impact of this standard on the Group’s financial statements is currently under assessment.
(b) Classification of Liabilities as current or non-current - Amendments to IAS 1
This is a slight amendment to IAS 1- Presentation of Financial Statements, the amendment clarifies how an entity clas-
sifies debt and other financial liabilities as either current or noncurrent, depending on the rights that exist at the end
of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date
(eg the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the
‘settlement’ of a liability.
The amendments could affect the classification of liabilities, particularly for entities that previously considered manage-
ment’s intentions to determine classification and for some liabilities that can be converted into equity.
They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes
in Accounting Estimates and Errors.
The amendments are effective for annual reporting periods beginning on or after 1 January 2023, with earlier application
permitted. The impact of this standard on the Group’s financial statements is currently under assessment.
c) Definition of Accounting Estimates - Amendments to IAS 8
The amended standard clarifies that the effects on an accounting estimate of a change in an input or a change in a
measurement technique are changes in accounting estimates if they do not result from the correction of prior period

Financial
Statements

errors. The previous definition of a change in accounting estimate specified that changes in accounting estimates may
result from new information or new developments. Therefore, such changes are not corrections of errors. The effective
date is 1 January 2023.
The impact of this amendment on the Group’s financial statements is currently under assessment.
d) Amendment to IAS 1
This amendment relates to classification of Liabilities as Current or Non-current which will provide a more general ap-
proach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the balance sheet
date.
The amendment only affect the presentation of liabilities in the statement of financial position and not the amount or
timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those
items. The amendment will
- clarify that classification of liabilities as current or non-current should be based on rights that are in existence at the end
of the balance sheet date,
- clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement
of a liability and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other
assets or services.
The Group does not anticipate early adopting the standard and is currently evaluating its impact.
The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and are to be applied
retrospectively. Earlier application is permitted.
e) IFRS 17 - Insurance Contracts
IFRS 17 was issued in May 2017 and applies to annual reporting periods beginning on or after 1 January 2023. The new
IFRS 17 standard establishes the principles for the recognition, measurement, presentation and disclosure of Insurance
contracts within the scope of the Standard. It also requires similar principles for reinsurance contracts held and issued
investment contracts with discretionary participation features. The standard brings a greater degree of comparability
and transparency about an insurer’s financial health and the profitablity of new and in-force insurance business.
IFRS 17 introduces a general measurement model that measures groups of insurance contracts based on fulfilment cash
flows (comprising probability-weighted current estimates of future cash flows and an explicit entity-specific adjustment
for risk) and a contractual service margin. The premium allocation approach (PAA) is a simplified measurement model
that may be applied when certain conditions are fulfilled. Under the PAA approach, the liability for remaining coverage
will be initially recognised as the premiums, if any, received at initial recognition, minus any insurance acquisition cash
flows. The general measurement model has specific modifications applicable to accounting for reinsurance contracts,
direct participating contracts and investment contracts with discretionary participation features.
This standard does not impact the Group in anyway as the Bank and its subsidiary companies do not engage in insur-
ance business.
3.33 Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest million Nigerian Naira
(NGN), unless otherwise stated.

4. FINANCIAL RISK MANAGEMENT
4.1 Introduction and overview
Given the scale and scope of its operations as well as the diversity of the geographies within which it operates, United
Bank for Africa Plc (UBA Plc) has adopted an enterprise wide, integrated approach to risk management. The key objec-
tives are as follow:
1. meet and exceed best practice global standards as defined by local and international regulatory bodies. The Group
intend to achieve this by adhering to the principles of the Basel Accords as adopted by the Central Bank of Nigeria
(CBN);
2. ensure sustainable profitability and enterprise value protection by maintaining growth within appropriate risk-con-
trol boundaries; and
3. enhance corporate governance by involving the Board and Senior Management in setting the tone for the risk man-
agement agenda.
The key elements of the ERM framework are intended to enhance risk identification, measurement, control and report-
ing.
(a) Risk Management Strategy
UBA’s risk management strategy is based on an embedded risk management process from the strategy formulation level
to the business unit decision making. The strategic risk management objectives include:
- Evaluation of the strategic risks faced by the Group in the continuously evolving environment;
- Allocate resources in line with strategic objectives and risks;
- Determine the tolerable risk profile and formulate the acceptable risk appetite for the Group;
- Establish adequate risk management and internal control systems to support the business and the risk appetite; and
- Establish proper feedback mechanism as input into the strategic risk management process.
Strategy Business
Process/Performance Resu
Re sult
lt

Financial
Statements

(b) Risk Management Culture
There is a commitment to ensuring that risk management is enshrined as a culture in the Group, from the Board of
Directors to the individual business unit. There is considerable effort to infuse the risk/reward evaluation in the decision
making process in order to ensure that there is proper assessment of risk dimension in process design, performance
appraisal, limit establishment, portfolio creation, monitoring activities and audit process. The aim is also to encourage a
culture of constant re-evaluation of risk profile and prompt risk mitigation action , where required.
In order to do this, there is proper dissemination of information and policies, development of frameworks, and staff
training to ensure that all staff are adequately aware of their roles in the risk management process of the Group. As part
of the risk culture, the Bank aim to ensure the following:
- General understanding and uniform application of risk management principles;
- Strong and visible commitment from senior management;
- Clearly defined responsibility and accountability;
- Central oversight of risk management across the enterprise;
- Central oversight of corporate governance across the enterprise;
- Ownership of risk management is at all levels; and
- Clearly defined risk appetite.
(c) Role and responsibilities
The key players in the risk management framework and their responsibilities are as follows:
Board of Directors
The ultimate responsibility for risk management in UBA lies with the Board of Directors. The responsibilities of the Board
with respect to risk management include, but are not limited to:
· Ensuring an appropriate corporate governance framework is developed and operated;
· Providing guidelines regarding the management of risk elements in the Group;
· Approving Group risk management policies;
· Determination of the Group’s risk appetite;
· Ensuring that management controls and reporting procedures are satisfactory and reliable;
· Approving large credit exposures beyond the limit of the Board Credit Committee; and
· Approving capital demand plans based on risk budgets.
Board Committees
The Board of Directors has established various Board-level risk committees, to support its risk oversight roles and respon-
sibilities. These committees review and advise on numerous risk matters requiring Board approvals.
The Board Risk Management Committee has direct oversight for the Bank’s overall risk management framework. The
Board Credit Committee considers and approves large exposure underwriting decisions within its authority and rec-
ommends those above its limit to the Board for consideration. The Board Audit and Governance Committee assists the
Board with regard to internal controls, audit assessments and compliance matters.
A list of various Board committees and their assigned responsibilities is contained in the corporate governance report.
Management Committees
Key Management Committees include:

(i) Executive Management Committee (EMC)
The EMC is responsible for the following, among others, and is accountable to the Board:
· Executing strategy once approved by the Board;

· Overall performance of the Group;
· Managing the Group’s risks; and
· Day-to-day oversight for the Group.
All non-credit product approvals must go to the EMC which shall review and approve or recommend for approval to
the appropriate Board Committees in line with the Bank’s advised Approval Limits. Above the EMC approval limits,
Non-Credit products are approved by the Board Audit & Governance Committee (BAGC).
All new business activities irrespective of capital commitment must be approved by the BAGC through the EMC.
(ii) Executive Credit Committee (ECC)
The Committee’s main objective is to develop and maintain a sound credit risk portfolio for the Group and to oversee the
development and deployment of credit risk practices across the Group.
Its principal activities and functions are:-
• Set frameworks and guidelines for credit risk management for the Group
• Review and recommend all Credit related policies for the Group to the BCC for approval
• Monitor implementation and compliance with credit policy paying particular attention to the following:
• Credit concentration
• Credit portfolio quality
• Review credit requests and recommend those above its limit to BCC for approval
• Ensure the Group’s Non Performing Loans portfolio is within the acceptable ratio
• Review all major credit audit issues with a view to adopting learning points for enhancement to the credit process
(iii) Group Asset and Liability Committee
The Group Asset and Liability Committee (GALCO), is a sub-committee of the EMC whose decisions are reported to the
Finance & General Purpose Committee. GALCO has responsibility for managing UBA Group’s balance sheet as well as
traded and non-traded market risks.
In playing this role, GALCO does the following:-

• Recommend Treasury policies, frameworks and procedures to the Finance and General Purpose Committee (F &
GPC) through EMC for approval
• Manage the Group’s balance sheet and ensure compliance with regulatory and statutory ratios and require-
ments
• Develop an optimal structure of the Group’s balance sheet to optimize risk-reward through a review of:
• Liquidity Gap Analysis
• Maximum Cumulative Outflow (MCO)
• Stress Test
• Wholesale Borrowing Guidelines

Financial
Statements

• Contingency Liquidity Plan

• Review Liquidity, Interest Rate and Currency Risks and approve risk mitigation proposals subject to ratification by
EMC
• Set pricing strategies for the Group on assets and liabilities (pool rate, asset and/or liability composition) subject to
ratification by EMC
(iv) Criticized Assets Committee
The Criticized Assets Committee is a management committee which reviews Past Due Obligations (PDOs) and
• Develops the framework to reduce the Group’s portfolio of risk assets on watch-list as well as delinquent ac-
counts
• Monitor implementation of strategies developed for recoveries and reduction of loan delinquencies
• Ratifies proposed classification of accounts and provisioning levels
• Recommends write-offs for approval through the EMC to the Board
(v) Group Risk Management Committee
The responsibilities of the Group Risk Management Committee are as follows:
(a) To support the EMC in the discharge of its risk management responsibilities which includes but is not limited to
the management of risk, determining risk tolerance levels, risk appetite, risk monitoring, risk assurance and risk
disclosures for the Group.
(b) To review, assess and make recommendations on the integrity and adequacy of the overall risk management
function of the Group.
(c) To review, assess and make recommendations to the Executive Management Committee regarding policies relat-
ing to risk management.
(d) To review risk limits and periodic risk and compliance reports and make recommendations to the Executive Man-
agement Committee.
(e) Recommend risk approval limits to Executive Management Committee.
(f ) To review and recommend on an annual basis the update of the risk management policies, frameworks and pro-
cedures of the Group.
(g) Advise Executive Management Committee on any emerging risks that the Group is or could be exposed to and
recommend mitigation actions.
(h) Monitor overall risk management framework to ensure that the framework is uniformly applied in all the entities
in the Group.
(i) Review IT Risk Management and make recommendations in accordance with the risk appetite of the
Group.
(j) Monitor the Basel II Accord Capital Framework implementation and compliance program in the Group.
(k) Periodic review of the Risk Assets Portfolio and Limits in line with internal and regulatory benchmarks.
(l) Review and recommend yearly Risk Management staffing model and manpower development programs.
Group Chief Risk Officer
The Group Chief Risk Officer has oversight for the effective and efficient governance of all risk functions in the Group.
He is responsible for development and implementation of Group’s risk management frameworks, policies and processes
across the entire risk spectrum.

(d) Central Risk Management Functions
Each risk function including Credit, Market, Operational and IT Risk has direct responsibility for the development and
management of risk management activities. The responsibilities of divisional functions with respect to risk include:
• Develop and maintain policies, frameworks and risk management methodologies
• Provide guidance on the management of risks and ensure implementation of risk policies and strategies
• Provide recommendations for improvement of risk management
• Provide consolidated risk reports to the various Board and management committees such as EMC, ECC and/or Board
of Directors
• Provide assurance that risk management policies and strategies are operating effectively to achieve the Group’s
business objectives.
At a strategic level, our risk management objectives are as follows:

• To identify, assess, control, report and manage the Group’s material risks and optimize risk/return decisions
• To ensure business growth plans are properly supported by effective risk infrastructure
• To manage the risk profile to ensure that specific financial deliverables remain possible under a range of adverse
business conditions
(e) Risk Management Structure
The Group has in place an independent Risk Management Directorate which is essential to UBA's growth and earnings
sustainability.
In response to the dynamic risk environment, the risk management structure has been flattened to ensure increased
oversight and improved responsiveness.
GMD/CEO
Executive Director, Risk Management
Credit Risk Credit Risk Credit Remedial Mgt. & ESRM & Compliance Group
Risk Recoveries Market Risk Oprisk
Measurement Management Monitoring Support Office Sustainability Information
Security
Credit Group
Individually Recoveries -
Portfolio Policy & Strategy Assessed Credit
Analytics Nigeria
Credit
Product
Programs Product
Risk Programs Group
Modelling Recoveries -
ROA
Credit
Control Collateral Remedial
Management Mgt. & Retail
Capital
Measurement Collections
Credit
Administration Subsidiary
Monitoring

Financial
Statements

(f) Risk Management Policies
The principal risk policies cover the Group’s main risk types, assigning responsibility for the management of specific risks
and setting out requirements for control frameworks for all risk types. Fundamental to the delivery of the Group’s risk
management objectives are a series of methodologies that allow it to measure, model, price, stress-test, mitigate and
report the risks that arise from its activities.
(i) Risk Appetite
A key responsibility of the Board is the determination of the organization’s risk appetite. This is codified in a Risk
Appetite framework which considers the level of risk that the Group is willing to take in pursuit of its business
objectives. This is expressed as the Group’s appetite for earnings volatility across all businesses from a credit, mar-
keting and liquidity risk perspective.
Risk appetite is institutionalized by establishing scale of activities through clearly defined target market criteria,
product risk acceptance criteria, portfolio limits as well as risk-return requirements.
(ii) Approval Authority
The Board of Directors also set internal approval limits which are reviewed from time to time as the circumstances
of the Group demands. These are at all times guided by maximum regulatory limit as applicable.
(iii) Risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in
the same geographical region, or have similar economic features that would cause their ability to meet contrac-
tual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations
indicate the relative sensitivity of the Group’s performance to developments affecting a particular industry or
geographical location.
In order to avoid excessive concentrations of risk, the Group’s policies and procedures include specific guidelines
to focus on maintaining a diversified portfolio. Identified concentrations of credit risks are controlled and man-
aged accordingly. The Group applies a concentration risk management framework that sets exposure limits as a
function of capital across all dimensions of its asset portfolio including geography, sector, obligor, product etc. This
is closely monitored to ensure diversification of risk.
(g) Environmental & Social Risk Management/Sustainability (ESRM/Sustainability)
The Group takes Environmental, Social and Governance (ESG) considerations as part of its overall strategy. This is achieved
by integrating environmental and social standards into the Group’s business operations and activities. The overall objec-
tive is to foster sustainable practices by creating equal benefits for people, the firm, and our planet. Our Environmental,
Social and Governance framework is based on local and global standards such as the Nigerian Sustainable Banking
Principles (NSBP), IFC Performance Standards, Equator Principles, the Sustainable Development Goals (SDGs). We are also
guided by the World Bank good international industry practices as well as host country’s local environmental laws and
standards. The Group’s sustainability targets are encapsulated in UBA Foundation’s broader focus on the Environment,
Education and Economic Empowerment.
(h) Operational Risk
Operational Risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from
external events. This includes legal risk but excludes reputational and strategic risks. The Operational Risk Management
Policy of the Group provides guidelines to proactively identify operational risk in all business functions of the Bank. It

provides a standardized approach and comprehensive procedures for risk identification, assessment, controlling, moni-
toring, management and reporting. In addition, creates risk awareness amongst all employees and facilitates best prac-
tice operational risk management.
Various tools and methodologies are deployed by the Bank to implement its operational risk management. This includes:
Risk and Control Self-Assessment (RCSA) – This is an important piece of the Bank’s robust risk management strategy.
Key Risk Indicators (KRI) - This is the metrics that provide insight into business function risk profile and identification of
early warning signs of potential vulnerability.
Losses & Loss Events Reporting – All business functions report losses using automated loss reporting tool.
Business Continuity Management (BCM) – The Bank is BCMS ISO 22301 certified and in compliance with the re-
quirements of the standard. The Bank has developed and maintains robust business continuity plan that protect staff,
its assets, and the interests of customers. These plans are designed to cover a wide range of business disruptions that
may range from the inability to operate from a single building to more widespread events that impact a city or region.
Operational Risk Capital Calculation – The bank adopts the Basic Indicator Approach (BIA) in line with Central Bank
of Nigeria requirements.
(i) Compliance
UBA Group maintains zero tolerance for Compliance & regulatory infraction. To this end, the focus of the Compliance
function as entrenched by the Board is to instill a Compliance culture within the Group by ensuring that Compliance is
integrated in the Group’s business practices and processes. Regulatory Compliance department within the Risk manage-
ment structure ensures adherence to the requirements of the law, regulation, industry organizational codes, principles
of good governance and ethical standards in the conduct of the Banks business.
The essence is geared towards combating Money Laundering, Terrorist Financing, and proliferations of equipment for
mass destruction.
The objectives of our Regulatory Compliance function are as follows:
• Proactively mitigate all regulatory risks in the Group

• Design, plan and implement compliance programs that ensures that the Bank’s policies, procedures, products and
services are compliant with applicable laws, rules and regulatory requirements.
• Manage existing or potential threats related to legal or policy noncompliance—or ethical misconduct—that
could lead to fines or penalties, reputational damage, or the inability to operate in key markets.
• Ensure there is a compliance culture within the Group.
• Ensure periodic review and update of the Anti-Money Laundering/ Counter Terrorist Financing (AML/CFT) Policy
and Know Your Customer (KYC) policy & Procedural Manual annually
• Respond to government investigations and queries by acting as the principal point of contact whenever the
government agent wants to get in touch with the Bank for issues relating to regulatory compliance.
• Report all regulatory Compliance issues and risks to Executive management committee and Board Risk Manage-
ment Committee.
The Compliance function is independently reporting into the Risk management directorate and also reviewed by Group
internal audit.
(j) Group Information Security/Cybersecurity
The Bank recognised the importance of managing Cybersecurity Risks as part of its overall business sustainability and risk

Financial
Statements

management strategy, with substantial investments made in the right people, processes and technologies to manage
these risks. Aligning with our business strategy, we performed detailed evaluation of the specific risks we are susceptible
to and developed a multi-year roadmap to address current and future threats. The Bank has a secure, vigilant and resil-
ient strategy to cybersecurity, which means that we have a multilayered approach to the defence against cybercriminals;
however, our people remain our first line of defence.
We have witnessed a significant increase in the awareness level among staff and customers regarding cyber security.
The Bank overhauled its Security Operations to provide the right level of 24/7 visibility into threats that may occur both
within and outside the network of the Bank. We strategically invested in state-of-the-art security technologies that have
Artificial Intelligence (AI) and Robotics Automation(RA) capabilities embedded. This ensures that we are always ready
and can pre-empt attacks before they occur.
In an interconnected world, one in which we cannot thrive in isolation; we developed channels that would help us
leverage interconnection with Regulators, Fintechs and other banks to create enhanced value to our customers. As a
result, we also built up our cyber defences to boost our capabilities for detection, protection and response, especially
around Cloud, Identity and Access Management and Third-party connections/interfaces.
Also the Bank onboarded the services of a tier-one international security Firm to support our cyber security capabilities
and ensure we are aligned with international best practices as a global Bank.
Data privacy and protection are areas we have taken very seriously; from instituting the right processes to adhering to
the various regulations/standards, we also invested in tools that would enforce the standards/procedures.
All cyber risk imperatives are reported to the Board Risk Management Committee (BRMC) monthly, and appropriate
governance and oversight over cybersecurity have been instituted within the Group. Metrics and KRIs have also been
developed and monitored Groupwide to track progress on our plans.
4.2 Credit Risk
(a) Overview
Credit risk is the potential for financial loss resulting from the failure of a borrower or counterparty to honour its financial
or contractual obligations. Credit represent a significant part of the overall risk exposure of the Group and is largely rep-
resented by the loans and advances on the books of the Group. The Group has several policies and frameworks in place
for managing credit risk across the Group.
(i) Credit Risk Management (CRM)
The Credit Risk Management division acts as the custodian of Group credit policies and recommends reviews based
on regulatory changes and other developments in the operating environment. It develops and implements the Group
credit risk management framework, as well as a portfolio management strategy towards achieving a diversified, high
quality asset mix to minimize delinquencies.
In addition, CRM ensures appropriate control measures are taken in the documentation and administration of approved
loans.
(ii) Credit Risk Governance
The Board through Board Credit Committee (BCC) is responsible for the overall governance of credit risk and the man-
agement of the credit portfolio of the Group. It reviews and recommends credit policies to the Board. The Executive

Credit Committee (ECC) sets frameworks and guidelines for credit risk management for the Group and reviews and
recommends for approval to the BCC all credit related policies for the Group. ECC monitors implementation and compli-
ance with credit policy paying particular attention to the following:
a. Credit concentration
b. Credit portfolio performance
c. Credit quality
With regards to approval of credit facilities, the ECC approves facilities that are above the limit of the GMD, while the BCC
approves credit facilities that are above the limit of the ECC. The Board of Directors is the overall approving authority,
approving credit facilities that are above the limit of the BCC.
(iii) Credit Monitoring
Credit monitoring runs as a separate group of risk management to improve oversight of loan performance. Its primary
function is to continuously monitor the bank’s loan portfolio to ensure ongoing portfolio performance and achievement
of portfolio quality targets. Credit Monitoring ensures all loans are booked in line with the Group’s policy. They also
identify exceptions which may prevent the loan from being paid in a timely manner. Observed Credit exceptions are
escalated for possible resolution, sanction implementation and management attention. The group takes proactive steps
to ensure follow up on accounts showing signs of delinquency.
(iv) Credit Concentration Management
The Group has a Credit Concentration Risk Management policy which provides a framework within which lending deci-
sions can be made so as to ensure an adequate level of diversification of the Group’s credit portfolio. The policy provides
risk-based limits that restrict lending activities to within the Group’s desired risk appetite and tolerance.
The Group ensures that:
It manages its portfolio by ensuring adequate diversification across industries, segments and jurisdictions to maintain
high portfolio quality and liquidity
Provides risk based concentration limits to ensure that exposures to single obligors, sectors and countries are contained
within acceptable risk appetite.
(v) Credit Risk Measurement
In measuring credit risk of loans and advances to various counterparties, the Group considers the credit worthiness and
financial capacity of the obligor to pay or meet contractual obligations, current exposures to the counter party/obligor
and its likely future developments, credit history of the counterparty/obligor; and the likely recovery ratio in case of
default obligations-value of collateral and other ways out. Our credit exposure comprises wholesale and retail loans and
advances and debt securities. The Group's policy is to lend principally on the basis of our customers' repayment capacity
through quantitative and qualitative evaluation. However we strive to ensure that our loans are backed by collateral to
reflect the risk of the obligors and the nature of the facility.
In the estimation of credit risk, the Group estimates the following parameters:
- Probability of Default (PD)
- Loss Given Default(LGD)
- Exposure at Default"

Financial
Statements

Probability of Default
This is the probability that an obligor or counterparty will default over a given period, usually one year. To measure ex-
pected credit loss, we developed a 12-month PD or equivalent (used in Stage 1 provisioning) and a lifetime PD or equiv-
alent (used for Stages 2 and 3 provisioning). The PD is used to reflect the current expectation of default and considers
available reasonable and supportive forwarding-looking information.
Loss Given Default
LGD is defined as the portion of the loan determined to be irrecoverable at the time of loan default (1 – recovery rate).
Our methods for estimating LGD includes both quantitative and qualitative factors which are adjusted for forward look-
ing information to measure lifetime expected credit losses.
Exposure at default
This represents the amount that is outstanding at the point of default. Its estimation includes the drawn amount and
expected utilization of the undrawn commitment at default.
(vi) General Risk Rating Process
The Group adopts a two-dimensional approach to the assessment of credit risk in the Risk Rating Process for all obli-
gors.
Obligors are assigned an Obligor Risk Rating (ORR) while a Facility Risk Rating (FRRs) is assigned to facilities. However cer-
tain obligors, retail and commercial loans applicants that do not have a risk rating, must access credit through product
programmes while those that have credit ratings can access through the individually assessed credit window. Scoring
system is used for consumer loans whereby loans that achieve a predetermined minimum score are approved.
Inputs used to determine obligor risk ratings (ORRs) are derived based on quantitative and qualitative factors. The quan-
titative factors are primarily based on a metrics that uses information on the obligor's financial position while the quali-
tative factors include:
• Management quality
• Industry risks
• Company profile
• Economic factors
The integrity of the Group's portfolio management process is dependent on accurate and timely risk ratings. Deteriora-
tion in credit risks is quickly identified and communicated to facilitate prompt action. The rating is reviewed on a periodic
basis and this is reflected in the management of such portfolio. The default also leads to prevention of further drawdown
while steps are taken to recover the outstanding balance and/or realise the collateral.
Deterioration in credit risk are identified based on factors such as

• Ratings downgrade
• Missed payments
• Non-compliance with loan covenants
• Deterioration of quality/value of collateral

(vii) Credit Rating of Counterparty/Obligor
All risk rating processes are reviewed and validated periodically to ensure relevance to business realities, and relate
to loans and advances to customers, loans and advances to banks, financial assets held for trading and investment
securities. External ratings may also be obtained where such is available. The Risk Rating buckets and definitions are as
highlighted below:
UBA Risk Buckets and Definition
Description Rating Bucket Range of Scores Risk Range Risk Range (Description)
Extremely Low Risk AAA 1.00 - 1.99 90% - 100%
Very Low Risk AA 2.00 - 2.99 80% - 89% Low Risk Range
Low Risk A 3.00 - 3.99 70% - 79%
Acceptable Risk BBB 4.00 - 4.99 60% - 69%
Moderately High Acceptable Risk Range
BB 5.00 - 5.99 50% - 59%
Risk
High Risk B 6.00 - 6.99 40% - 49%
High Risk Range
Very High Risk CCC 7.00 - 7.99 30% - 39%
Extremely High Risk CC 8.00 - 8.99 0% - 29%
High Likelihood of
C 9.00 - 9.99 Below 0% Unacceptable Risk Range
Default
Default D Above 9.99 Below 0%
The risk ratings are a primary tool in the review and decision making in the credit process. The Group does not lend on
unsecured basis to obligors that are below investment grade (BB and above). The Group shall discourage lending to
obligors in the unacceptable risk range.
(viii) Remedial Management Process
This process is managed by the Group Remedial Management & Recovery Division (GRMRD). Depending on the severity
of classification, the Group undertakes remedial corrective action geared towards ensuring the performance of weak
credits. Early attention, including substantive discussions with borrowers, is required to correct deficiencies.
Remedial process covers the evaluation, analysis or restructuring of credit facilities for existing PDOs. It may include new
extensions of credit and/or restructuring of terms. Some of the possible actions are summarised as follows:
• Rate/Payment modification or longer-term payment relief - adjusting interest rates or payment frequency;
• Ageing/Extension: Modifying the length of the loan;
• Cash Out: Refinancing a loan at a higher principal amount in order to get additional funds for other uses;
• Short Sale – Loan is discounted to prevent imminent foreclosure; and
• Deed in lieu – Voluntary conveyance of interest in property to the Bank
The process calls for full information gathering, together with financial and risk analysis leading up to the approval deci-
sion. Analysis and standards vary according to business product, market, transaction characteristics and environmental
issues. In all cases, we strive to achieve good judgment, in ensuring that all relevant issues have been addressed in each
situation.

Financial
Statements

(ix) Work out and recovery
The Group Remedial Management & Recovery Division (GRMRD) is the collections arm of Credit Risk Management that
evaluates, monitors, and supervises the re-structuring, repayments and collections of all past due obligations that have
been prudentially classified and show early warning signs of default. The division has a three-level governance structure:
Level 1 is an oversight and supervisory function performed by the Divisional Head through the Regional Heads;
Level 2 is a supervisory and management function performed by the Regional Heads through the Zonal Heads; and
Level 3 is an operational function performed by the Zonal Head in conjunction with the Recovery/Remedial officers from
the regional bank offices.
RMCRD maintains effective governance and control over its entire process and adopts a standard methodology consist-
ing of five steps.
Risk Management and Credit Recovery Division methodology
Steps Activities
1. Identification Identification of past due obligations due for recovery, collections and
remedial action
Identification of strategies to be adopted
Identification of the least cost alternative of achieving timely collections

within resource constraints
2. Assessment & Implementation Accurate review and professional assessment of credit records
Implementation of identified strategies
Update the database

3. Management & Monitoring Proffer professional work-out situations to aid prompt settlement
Review identified strategies for adequacy in managing past due obliga-

tions
Proffer solutions that will aid the credit decision making process
4. Controlling Establish key control processes, practices and reporting requirements on
a case-by-case basis.
Ensure work-out situations align with UBA’s strategic framework
Proffer solutions that will aid the credit decision making process
5. Reporting Communicate learning points from case profiles on past due obligations
in order to improve the quality of lending practices
Report cases of imminent crystallisation of default
Present remedial actions to reduce and/or mitigate default

4. FINANCIAL RISK MANAGEMENT - CONTINUED

4.2 Credit risk - Continued
(b) Credit risk Exposure
(i) Maximum exposure to credit risk before collateral held or other credit enhancements
The following table shows the maximum exposure to credit risk by class of financial asset. The Group's maximum exposure
to credit risk is represented by the net carrying amounts of the financial assets with the exception of financial and other
guarantees issued by the Group for which the maximum exposure to credit risk is represented by the maximum amount
the Group would have to pay if the guarantees are called on.
Credit risk exposures relating to on-balance sheet assets are as follows:

Maximum exposure Maximum exposure
Group Bank
In millions of Nigerian Naira Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Cash and bank balances
Current balances with banks 652,007 420,361 559,134 272,073
Unrestricted balances with Central Banks 351,280 204,050 129,249 23,368
Money market placements 139,441 98,426 184,065 147,292
Restricted balances with central banks 1,283,163 969,869 1,231,399 953,176
Financial assets at fair value through profit or loss
Treasury bills 14,963 10,383 14,963 7,984
Bonds - 2,713 - -
Derivative assets 39,830 33,340 39,830 33,340
Assets under management 12,923 - 12,923 -
Loans and advances to banks 303,249 153,897 231,753 120,124
Loans and advances to individuals
Overdraft 15,468 37,555 16,332 36,658
Term loan 267,384 181,408 199,405 113,385
Loans and advances to corporate entities and others
Overdraft 803,833 388,617 606,580 238,782
Term Loan 2,039,303 2,072,966 1,300,781 1,459,156
Others 10,891 120 10,891 119
Investment securities at fair value through other compre-
hensive income:
Treasury bills 1,379,678 633,315 1,352,863 612,882
Bonds 637,970 221,448 544,850 89,347
Promissory notes 26,984 - 26,984 -
Investment securities at amortised cost:
Treasury bills 1,006,960 1,555,787 - 655,793
Bonds 980,478 786,052 115,376 150,424
Other assets 220,524 122,488 145,950 73,564
Non-Current Assets Held for Sale 82,217 82,217 82,217 82,217
Total 10,268,546 7,975,012 6,805,545 5,069,684
Loans exposure to total exposure 34% 36% 35% 39%

Debt securities exposure to total exposure 39% 40% 30% 30%
Other financial assets exposure to total exposure 27% 24% 35% 31%
Credit risk exposures relating to off-balance sheet assets are as follows:
Group
Group Bank
Bank
Performance bonds and guarantees 1,381,089 681,489 364,161 355,178

Letters of credits 629,077 319,543 340,306 310,131
2,010,166 1,001,032 704,467 665,309
Bonds and guarantee exposure to total exposure 69% 68% 52% 53%
Letters of credit exposure to total off-balance sheet exposure 31% 32% 48% 47%
Credit risk exposures relating to loan commitment are as follows:

Loan commitment to corporate entities and others
Term Loan 127,735 244,985 29,387 125,077
127,735 244,985 29,387 125,077
There are no loan commitments to individuals.
The credit risk exposure as at year end is representative of the average exposure in the period.

Financial
Statements


4.2 Credit risk - Continued)
(b) Credit risk Exposure - Continued
(ii) Credit concentration - location
The Group monitors concentrations of credit risk by sector, geographic location and industry. Concentration by location for
loans and advances is measured based on the location of the Group entity holding the asset, which has a high correlation
with the location of the borrower. Concentration by location for investment securities is measured based on the location of
the issuer of the security. The amounts stated are net of impairment allowances.
An analysis of concentrations of credit risk at the reporting date is shown below:
December 31, 2022

Group
Group Bank
Bank
Rest of the Rest of Rest of the
In millions of Nigerian Naira Nigeria Rest of Africa Total Nigeria Total
world Africa world
Financial assets
Cash and bank balances:
- Current balances with banks - 103,890 548,117 652,007 - 11,017 548,117 559,134
- Unrestricted balances with Central 129,249 222,031 - 351,280 129,249 - - 129,249
Banks
- Money market placements - - 139,441 139,441 - - 184,065 184,065
- Restricted balances with central banks 1,231,399 51,764 - 1,283,163 1,231,399 - - 1,231,399
Assets under management 12,923 - - 12,923 12,923 - - 12,923
Financial assets at FVTPL:
- Treasury bills 14,963 - - 14,963 14,963 - - 14,963
- Government bonds - - - - - - - -
Derivative assets 39,830 - - 39,830 39,830 - - 39,830
Loans and advances to banks
- Corporates 27,445 40,451 235,354 303,249 9,383 - 222,370 231,753
Loans and advances to customers:
Individuals:
- Overdrafts 10,819 4,649 - 15,468 16,332 - - 16,332
- Term loans 199,405 67,979 - 267,384 199,405 - - 199,405
Corporates:
- Overdrafts 606,580 197,253 - 803,833 606,580 - - 606,580
- Term loans 1,487,244 541,066 10,993 2,039,303 1,289,788 - 10,993 1,300,781
- Others 10,891 - - 10,891 10,891 - - 10,891
At amortised cost
- Treasury bills - 1,006,960 - 1,006,960 - - - -
- Bonds 115,376 841,793 23,309 980,478 115,376 - - 115,376
At FVOCI
- Treasury bills 1,352,863 26,815 - 1,379,678 1,352,863 - - 1,352,863
- Bonds 544,850 52,523 40,597 637,970 544,850 - - 544,850
- Promissory notes 26,984 - - 26,984 26,984 - - 26,984
Other assets 119,547 100,977 - 220,524 119,547 26,403 - 145,950
Non-Current Assets Held for Sale 82,217 - - 82,217 82,217 - - 82,217
Total financial assets 6,012,584 3,258,151 997,810 10,268,546 5,802,580 37,420 965,545 6,805,545
Commitments and guarantees

- Performance bonds and guarantees 364,161 1,016,928 - 1,381,089 364,161 - - 364,161
- Letters of credits 340,306 288,771 - 629,077 340,306 - - 340,306
- Loan commitments 127,735 - - 127,735 29,387 - - 29,387
Total commitments and guarantees 832,201 1,305,699 - 2,137,901 733,853 - - 733,853

4 FINANCIAL RISK MANAGEMENT - CONTINUED

December 31, 2021

Group
Group Bank
Bank
Rest of the Rest of Rest of the
In millions of Nigerian Naira Nigeria Rest of Africa world Total Nigeria Africa world Total
Financial assets
- Current balances with banks - 159,305 261,056 420,361 - 11,017 261,056 272,073
- Unrestricted balances with Central Banks 65,930 138,120 - 204,050 23,368 - - 23,368
- Money market placements - - 98,426 98,426 - - 147,292 147,292
- Restricted balances with central banks 953,176 16,693 - 969,869 953,176 - - 953,176
Financial assets at FVTPL: - -
- Treasury bills 7,984 2,399 - 10,383 7,984 - - 7,984
- Government bonds - 2,713 - 2,713 - - - -
Loans and advances to banks - -
- Corporates 153,897 - - 153,897 120,124 - - 120,124
Loans and advances to customers: - -
Individuals: - -
- Overdrafts 36,658 897 - 37,555 36,658 - - 36,658
- Term loans 113,385 68,023 - 181,408 113,385 - - 113,385
Corporates: - -
- Overdrafts 134,910 253,707 - 388,617 146,774 92,008 - 238,782
- Term loans 1,365,049 707,917 - 2,072,966 1,372,840 86,316 - 1,459,156
- Others 120 - - 120 119 - - 119
Investment securities: - -
At amortised cost - -
- Treasury bills 655,793 899,994 - 1,555,787 655,793 - - 655,793
- Bonds 141,092 633,896 11,064 786,052 141,092 - 9,332 150,424
At FVOCI - -
- Treasury bills 612,882 20,433 - 633,315 612,882 - - 612,882
- Bonds 89,347 132,101 - 221,448 89,347 - - 89,347
Other assets 54,327 67,750 411 122,488 54,327 19,237 - 73,564
Non-Current Assets Held for Sale 82,217 - - 82,217 82,217 - - 82,217
Total financial assets 4,500,107 3,103,948 370,957 7,975,012 4,443,426 208,578 417,680 5,069,684

- Performance bonds and guarantees 355,178 326,311 - 681,489 355,178 - - 355,178
- Letters of credits 310,131 5,290 4,122 319,543 310,131 - - 310,131
- Loan commitments 244,985 - - 244,985 125,077 - - 125,077
Total commitments and guarantees 910,294 331,601 4,122 1,246,017 790,386 - - 790,386

Profile

Corporate
Credit risk - Continued
(iii) Credit concentration - Industry
The following table analyses the Group’s credit exposure at carrying amounts (without taking into account any collateral held or other credit support), as categorised by
the industry sectors of the Group’s counterparties. The amounts stated are net of impairment allowances.

Strategy &
Group Construction
and Real Finance and General Govern- Information and Power and Transportation
In millions of Nigerian Naira Agriculture Estate Education Insurance General Commerce ments Communication Manufacturing Oil and Gas Energy and Storage Total
Business Review
December 31, 2022

- Current balances with banks - - - 652,007 - - - - - - - - 652,007
- Unrestricted balances with Central Banks - - - 351,280 - - - - - - - - 351,280

- Money market placements - - - 139,441 - - - - - - - - 139,441
- Restricted balances with central banks - - - 1,283,163 - - - - - - - - 1,283,163
Assets under management - - - 12,923 - - - - - - - - 12,923
Sustainability
& Responsibility

- Treasury bills - - - - - - 14,963 - - - - - 14,963

- Promissory notes - - - - - - - - - - - -
- Government bonds - - - - - - - - - - - - -
Derivative assets - - - 39,830 - - - - - - - - 39,830
Loans and advances to banks - - - 303,249 - - - - - - - - 303,249
Individuals
Governance
- Overdrafts - - - - 15,468 - - - - - - - 15,468

- Term loans - - - - 267,384 - - - - - - - 267,384
Corporates
- Overdrafts 37,758 26,811 1,219 22,177 - 135,242 137,466 57,089 201,364 153,811 25,468 5,428 803,833
- Term loans 48,008 127,875 10,550 140,211 378,040 191,737 259,813 115,267 267,223 357,536 129,613 13,431 2,039,303
- Others - - - - - 11,012 - - - - 10,891
At Amortised cost
Financial
- Treasury bills - - - - - - 1,006,960 - - - - - 1,006,960

Statements
- Bonds - - - 10,993 - - 969,485 - - - - - 980,478

At FVOCI
- Treasury bills - - - - - - 1,379,678 - - - - - 1,379,678
- Bonds - - - - - - 637,970 - - - - - 637,970
- Promissory notes - - - - - - 26,984 - - - - - 26,984
Other assets - - - 100,977 119,547 - - - - - - - 220,524
Investor
Non-Current Assets Held for Sale - - - - - - - - - - 82,217 - 82,217

Information
Total financial assets 85,766 154,686 11,769 3,056,251 780,439 337,990 4,433,319 172,355 468,587 511,347 237,298 18,859 10,268,546

- Performance bonds and guarantees 1,148 453,391 1,600 2,636 661,774 71,527 6,052 3,989 13,921 133,902 28,099 3,052 1,381,089
- Letters of credits 10,451 3,547 - 12 209,677 75,546 3,233 25,597 171,261 117,106 12,647 - 629,077
- Loan Commitments - - - - 98,348 - - 12,360 - 17,027 - - 127,735
Total commitments and guarantees 11,598 456,938 1,600 2,648 969,799 147,073 9,285 41,946 185,182 268,035 40,746 3,052 2,137,901
Corporate
Information

133
134

Credit concentration - Industry - Continued

The following table analyses the Bank’s credit exposure at carrying amounts (without taking into account any collateral held or other credit support), as categorised

by the industry sectors of the Banks counterparties. The amounts stated are net of impairment allowances.
Bank Construction

and Real Finance and General Govern- Information and Power and Transportation
In millions of Nigerian Naira Agriculture Estate Education Insurance General Commerce ments Communication Manufacturing Oil and Gas Energy and Storage Total
December 31, 2022

Financial assets
In millions of Nigerian Naira
- Restricted balances with central banks - - - 1,231,399 - - - - - - - - 1,231,399
Assets under management - - - 12,923 - - - - - - - - 12,923

- Treasury bills - - - - - - 14,963 - - - - - 14,963
- Promissory notes
- - - - - - - - - - - -
Individuals
- Overdrafts - - - - 16,332 - - - - - - - 16,332
- Term loans - - - - 199,405 - - - - - - - 199,405
Corporates
- Overdrafts 18,741 10,247 1,027 17,490 317,004 64,695 42,101 338 45,753 45,293 42,983 908 606,580
- Term loans 49,005 99,482 7,348 165,124 53,395 200,226 190,210 132,238 184,064 94,933 97,643 27,113 1,300,781
- Others - - - - (121) 11,012 - - - - - - 10,891
At amortised cost
- Treasury bills - - - - - - - - - - - - -
-Promissory notes - - - - - - - - - - - - -
- Bonds - - - - - - 115,376 - - - - - 115,376
At FVOCI
- Treasury bills - - - - - - 1,352,863 - - - - - 1,352,863
- Promissory notes - - - - - - 26,535 - - - - - 26,984
- Bonds - - - - - - 544,850 - - - - - 544,850
Other assets - - - 26,403 119,547 - - - - - - - 145,950

- Performance bonds and guarantees 1,135 177,107 1,600 120 - 50,539 2,000 1,459 12,873 100,247 16,957 125 364,161
- Letters of credits 8,602 3,547 - 12 - 66,346 2,204 18,388 169,961 71,246 - - 340,306
- Loan Commitments - - - - - - - 12,360 - 17,027 - - 29,387
Total commitments and guarantees 9,736 180,654 1,600 132 - 116,884 4,204 32,207 182,833 188,520 16,957 125 733,853
Profile

Corporate
Credit concentration - Industry - Continued
Group
Construction Finance and General Govern- Information and Power and Transportation
In millions of Nigerian Naira Agriculture and Real Estate Education Insurance General Commerce ments Communication Manufacturing Oil and Gas Energy and Storage Total
Strategy &
December 31, 2021

Business Review

- Restricted balances with central banks - - - 969,869 - - - - - - - - 969,869

- Treasury bills - - - - - - 10,383 - - - - - 10,383
Sustainability
& Responsibility
- Government bonds - - - - - - 2,713 - - - - - 2,713


Individuals
- Overdrafts - - - - 37,555 - - - - - - - 37,555
- Term loans - - - - 181,408 - - - - - - - 181,408
Governance
Corporates
- Overdrafts 38,763 15,117 1,745 17,862 99 85,677 88,728 11,106 50,952 63,546 11,566 3,456 388,617
- Term loans 42,956 182,805 10,990 150,711 15,924 286,422 273,983 155,991 340,251 428,290 161,517 23,125 2,072,966
- Others - - - - 1 119 - - - - 120
Investment securities: -
At Amortised cost
- Treasury bills - - - - - - 1,555,787 - - - - - 1,555,787
- Promissory notes - - - - - - - - - - - - -
Financial
- Bonds - - - 10,577 - - 775,475 - - - - - 786,052

Statements
At FVOCI
- Treasury bills - - - - - - 633,315 - - - - - 633,315
- Bonds - - - - - - 221,448 - - - - - 221,448
Other assets - - - 32,644 89,844 - - - - - - - 122,488
Investor

Information
- Performance bonds and guarantees - 63,719 200 26,316 511,001 36,823 1,620 961 5,181 23,135 11,712 821 681,489
- Letters of credits - 62 - - 2,860 33,843 706 13,444 164,163 104,198 268 - 319,543
- Loan commitments - - - - 124,238 - - 16,551 - 104,196 - - 244,985
Total commitments and guarantees - 63,781 200 26,316 638,099 70,666 2,326 30,956 169,344 231,529 11,980 821 1,246,017
Corporate
Information

135
136
Credit Concentration - Industry - Continued

Bank
Construction Finance and General Information and Power and Transportation
In millions of Nigerian Naira Agriculture and Real Estate Education Insurance General Commerce Governments Communication Manufacturing Oil and Gas Energy and Storage Total
December 31, 2021

Financial assets
- Cash and bank balances:

- Restricted balances with central banks - - - 953,176 - - - - - - - - 953,176
- Treasury bills - - - - - - 7,984 - - - - - 7,984
Individuals
- Overdrafts - - - - 36,658 - - - - - - - 36,658
- Term loans - - - - 113,385 - - - - - - - 113,385
Corporates
- Overdrafts 21,821 5,143 1,594 16,341 1,325 40,123 80,490 139 34,672 33,196 3,838 100 238,782
- Term loans 26,888 170,920 9,806 140,005 15,282 220,496 105,481 101,083 317,867 222,935 117,647 10,747 1,459,156
- Others - - - - - 119 - - - - - 119
At Amortised cost
- Treasury bills - - - - - - 655,793 - - - - - 655,793
-Promissory notes - - - - - - - - - - - - -
- Bonds - - - 412 - - 146,347 - 3,665 - - - 150,424
At FVOCI
- Treasury bills - - - - - - 612,882 - - - - - 612,882
- Bonds - - - - - - 89,347 - - - - - 89,347
Other assets - - - 43,445 30,119 - - - - - - - 73,564

- Performance bonds and guarantees 57,979 200 59,760 2,498 115,599 18,063 961 19,514 57,701 22,082 821 355,178
- Letters of credits 62 - - 25 89,288 1,705 13,444 185,370 19,970 268 - 310,131
- Loan commitments - - - - 4,330 - - 16,551 - 104,196 - - 125,077
Total commitments and guarantees - 58,041 200 59,760 6,853 204,887 19,768 30,956 204,884 181,867 22,350 821 790,386
Financial
Statements


(c) Credit Quality
The Group manages the credit quality of its financial assets using internal credit ratings. It is the Group’s policy
to maintain accurate and consistent risk ratings across the credit portfolio. This facilitates focused management
of the applicable risks and the comparison of credit exposures across all lines of business, geographic regions
and products. The rating system is supported by a variety of financial analytics, combined with processed market
information to provide the main inputs for the measurement of counterparty risk.
All internal risk ratings are tailored to the various categories and are derived in accordance with the Group’s rating
policy. The attributable risk ratings are assessed and updated regularly.
The credit quality of the Group's loans and advances are categorized as follows:
Stage 1 Loans and Advances:

These are loans and advances that have not deteriorated significantly in credit quality since initial recognition or
that have low credit risk (where the optional simplification is applied) at the reporting date.

These are loans and advances that have deteriorated significantly in credit quality since initial recognition but do
not have objective evidence of a credit loss event.

These are loans and advances that have objective evidence of a credit loss event. Stage 3 allocation is driven by
either the identification of credit impairment or an exposure being classified as defaulted.
Impaired loans and securities

Impaired loans and securities are loans and securities for which the Group determines that it is probable that it
will be unable to collect all principal and interest due according to the contractual terms of the loan / securities
agreement(s). These are loans and securities specifically impaired.
Loans with renegotiated terms

The contractual terms of a loan may be modified for a number of reasons including changing market conditions,
customer retention and other factors not related to a current or potential credit deterioration of the customer.
The Group renegotiates loans to customers to maximise collection opportunities and minimise the risk of default.
The revised terms of renegotiated facilities usually include extended maturity, changing timing of interest pay-
ments and amendments to the terms of the loan agreement. As at 31 December 2022, the carrying amount of
loans with renegotiated terms was N77.031 billion (December 2021 : N53.06 billion). There are no other financial
assets with renegotiated terms as at 31 December 2022 (December 2021: nil).
Impairment assessment under IFRS

The Group assesses its impairment for the purpose of IFRS reporting using the 'forward-looking' Expected Credit
Loss (ECL) model in line with provisions of IFRS 9 - Financial Instrument.
The Group records an allowance for expected losses for all loans and other debt financial assets not held at FVPL, to-
gether with loan commitments and financial guarantee contracts.The allowance is based on the expected credit loss-
es associated with the probability of default in the next twelve months unless there has been a significant increase in
credit risk since origination, in which case, the allowance is based on the probability of default over the life of the asset.
The measurement of expected credit losses is based on the product of the instrument’s probability of default (PD), loss
given default (LGD), and exposure at default (EAD), discounted to the reporting date using the effective interest rate.
The ECL model has three stages. The Group recognises a 12-month expected loss allowance on initial recognition
(stage 1) and a lifetime expected loss allowance when there has been a significant increase in credit risk since ini-
tial recognition (stage 2). Stage 3 requires objective evidence that an asset is credit-impaired and then a lifetime
expected loss allowance is recognised.


4.2 Credit Quality - Continued
(i) The table below shows the credit quality by class of asset for all financial assets exposed to credit risk.
December 31, 2022 Group Bank

Stage 1 Stage 2 Stage 3 Stage 1 Stage 3
Stage 2
In millions of Nigerian Naira - 12-month - Lifetime - Lifetime Total - 12-month - Lifetime Total
- Lifetime ECL
ECL ECL ECL ECL ECL
- Current balances with banks 652,007 - - 652,007 559,134 - - 559,134
- Unrestricted balances with Central Banks 351,280 - - 351,280 129,249 - - 129,249
- Money market placements 139,441 - - 139,441 184,065 - - 184,065
- Restricted balances with central banks 1,283,163 - - 1,283,163 1,231,399 - - 1,231,399
Assets under management 12,923 12,923 12,923 12,923
- Treasury bills 14,963 - - 14,963 14,963 - - 14,963
Loans and advances to banks 305,924 - - 305,924 233,695 - - 233,695
Loans and advances to customers
Individuals
- Overdrafts 928 1,764 25,309 28,001 6,882 15 16,467 23,364
- Term loans 268,540 3,447 5,120 277,107 205,240 1,017 2,245 208,502
Corporates
- Overdrafts 662,359 94,339 70,290 826,988 532,365 56,868 25,001 614,234
- Term loans 1,668,647 399,515 8,445 2,076,607 940,815 386,555 1,309 1,328,679
- Others 11,012 - - 11,012 11,012 - - 11,012
At Amortised Cost
- Treasury bills 933,574 - 73,386 1,006,960 - - - -
- Bonds 927,793 - 71,552 999,345 118,520 - - 118,520
At FVOCI
- Treasury bills 1,379,678 - - 1,379,678 1,352,863 - - 1,352,863
- Bonds 591,495 - 46,475 637,970 498,375 - 46,475 544,850
- Promissory notes 26,984 - - 26,984 26,984 - - 26,984
Other assets 220,524 - 14,213 234,737 145,950 - 11,878 157,828
Gross financial assets 9,491,064 499,064 314,791 10,304,920 6,244,263 444,455 103,375 6,792,094
Allowance for impairment on financial assets is as follows:

Allowance for credit losses
- Individuals 8,944 505 12,807 22,256 4,742 931 10,456 16,129
- Corporates 55,465 11,252 (6,137) 60,580 25,845 2,916 6,791 35,553
67,084 11,757 6,670 85,511 32,529 3,847 17,247 53,624
Allowance for impairment

Other assets 14,213 - - 14,213 380 - 11,498 11,878
FVOCI and amortised cost securities 18,867 - - 18,867 3,144 - - 3,144
33,080 - - 33,080 3,524 - 11,498 15,022
Total impairment allowance on 100,164 11,757 6,670 118,591 36,053 3,847 28,745 68,646
financial assets
Net amount 9,390,900 487,307 308,121 10,186,329 6,208,210 440,608 74,630 6,723,449

Financial
Statements


December 31, 2021 Group Bank Bank

Stage 1 Stage 3 Stage 1 Stage 2 Stage 3
Stage 2 - - Life-
In millions of Nigerian Naira - 12-month Lifetime ECL time Total - 12-month - Life- - Life- Total
ECL ECL
ECL time ECL time ECL
- Current balances with banks 420,361 - - 420,361 272,073 - - 272,073
- Unrestricted balances with Central 204,050 - - 204,050 23,368 - - 23,368
Banks
- Money market placements 98,426 - - 98,426 147,292 - - 147,292
- Restricted balances with central 969,869 - - 969,869 953,176 - - 953,176
banks
- Treasury bills 10,383 - - 10,383 7,984 - - 7,984
- Promissory notes - - - - - - -
- Government bonds 2,713 - - 2,713 - - - -
Individuals
- Overdrafts 24,112 1,809 27,602 53,523 21,272 502 22,994 44,768
- Term loans 184,614 1,235 4,585 190,433 116,964 411 2,995 120,371
Corporates -
- Overdrafts 300,978 38,386 67,084 406,447 201,126 19,128 24,495 244,749
- Term loans 1,857,408 264,314 4,837 2,126,559 1,257,651 245,236 508 1,503,395
- Others 121 - - 121 121 - - 121
At Amortised Cost
- Treasury bills 1,555,787 - - 1,555,787 655,793 - - 655,793
- Bonds 787,832 - - 787,832 151,591 - - 151,591
- Promissory notes - - - - - - - -
At FVOCI
- Treasury bills 633,315 - - 633,315 612,882 - - 612,882
- Bonds 221,448 - - 221,448 89,347 - - 89,347
- Promissory notes - - - - - -
Non-Current Assets Held for Sale 82,217 - - 82,217 82,217 82,217
Other assets 122,488 - 11,204 133,692 73,564 - 10,233 83,797
Gross financial assets 7,665,953 305,743 115,311 8,087,007 4,822,266 265,277 61,225 5,148,768
Allowance for impairment on financial assets is as follows:

- Individuals 6,754 251 17,987 24,992 4,259 1,189 9,647 15,095
- Corporates 49,057 7,448 14,919 71,424 33,767 6,325 10,114 50,206
58,405 7,699 32,906 99,010 40,407 7,514 19,761 67,682
Allowance for impairment

Other assets 322 - 10,882 11,204 322 - 9,911 10,233
Bonds at amortised cost 1,780 - - 1,780 1,167 - - 1,167
2,102 - 10,882 12,984 1,489 - 9,911 11,400
Total impairment allowance on 60,507 7,699 43,788 111,994 41,896 7,514 29,672 79,082
financial assets
Net amount 7,605,446 298,044 71,523 7,975,013 4,780,370 257,763 31,553 5,069,686


(ii) The internal credit rating of financial assets that are classified as Stage 1 at the reporting date is as follows:

Group
December 31, 2022

Very Low Acceptable Moderately Gross Allowance Carrying
In millions of Nigerian Naira Low risk Unrated for credit
risk risk High risk Amount losses amount
- Current balances with banks - 652,007 - - - 652,007 - 652,007
- Unrestricted balances with Central
Banks 351,280 - - - - 351,280 - 351,280
- Money market placements - 139,441 - - - 139,441 - 139,441
- Restricted balances with central 1,283,163 - - - - 1,283,163 - 1,283,163
banks
Assets under management - 12,923 - - - 12,923 - 12,923
- Treasury bills 14,963 - - - - 14,963 - 14,963
Derivative assets 39,830 - - - - 39,830 - 39,830
Loans and advances to banks - 11,758 294,166 - - 305,924 (2,675) 303,249
Individuals
- Overdrafts - - 928 - - 928 (113) 815
- Term loans - - 268,540 - - 268,540 (8,831) 259,709
Corporates
- Overdrafts - 194 662,165 - - 662,359 (4,481) 657,878
- Term loans 23,570 54,565 1,590,512 - - 1,668,647 (50,863) 1,617,784
- Others - - 11,012 - - 11,012 (121) 10,891
At Amortised Cost
- Treasury bills 933,574 - - - - 933,574 - 933,574
- Bonds 906,595 19,969 1,229 - - 927,793 (18,867) 908,926
At FVOCI
- Treasury bills 1,379,678 - - - - 1,379,678 - 1,379,678
- Bonds 591,495 - - - - 591,495 - 591,495
-Promissory notes 26,984 - - - - 26,984 26,984
Other assets - - - - 220,524 220,524 (14,213) 206,311
5,551,132 890,857 2,828,552 - 220,524 9,491,064 (100,164) 9,390,903

Financial
Statements


(ii) The internal credit rating of financial assets that are classified as Stage 1 at the reporting date is as follows:

Group
December 31, 2021
Allowance
Very Low Acceptable Moderately Gross Carrying
risk risk High risk Amount amount
losses
- Unrestricted balances with Central 204,050 - - - - 204,050 - 204,050
Banks
- Restricted balances with central banks 969,869 - - - - 969,869 - 969,869
- Treasury bills 10,383 - - - - 10,383 - 10,383
- Government bonds 2,713 - - - - 2,713 - 2,713
Loans and advances to banks - 79,394 77,097 - - 156,491 (2,594) 153,897
Individuals
- Overdrafts - - 24,112 - - 24,112 (475) 23,637
- Term loans - - 184,614 - 184,614 (6,279) 178,335
Corporates
- Overdrafts 204 593 300,180 - - 300,978 (3,550) 297,428
- Term loans 51,652 70,457 1,735,299 - - 1,857,408 (45,506) 1,811,902
- Others - - 121 - - 121 (1) 120
At Amortised Cost
- Treasury bills 1,555,787 - - - - 1,555,787 - 1,555,787
- Bonds 766,634 19,969 1,229 - - 787,832 (1,780) 786,052
At FVOCI - -
- Treasury bills 633,315 - - - - 633,315 - 633,315
- Bonds 221,448 - - - - 221,448 - 221,448
Other assets - - - - 122,488 122,488 (11,204) 111,284
4,449,395 689,200 2,322,652 - 122,488 7,583,736 (71,389) 7,512,347


Bank
December 31, 2022
Moder- Allowance
Very Low Accept- Gross Carrying
In millions of Nigerian Naira Low risk ately High Unrated for credit
risk able risk Amount amount
risk losses
Banks
- Restricted balances with central 1,231,399 - - - - 1,231,399 - 1,231,399
banks
Assets under management - 12,923 - - - 12,923 - 12,923
Financial assets at FVTPL: -
- Treasury bills 14,963 - - - - 14,963 - 14,963
- Promissory notes - - - - -
Loans and advances to banks - 233,695 - - - 233,695 (1,942) 231,753
Individuals
- Overdrafts - - 6,882 - - 6,882 (113) 6,769
- Term loans - - 205,240 - - 205,240 (4,629) 200,611
Corporates -
- Overdrafts 204 593 531,567 - - 532,365 (4,460) 527,905
- Term loans 51,652 70,457 818,706 - - 940,815 (21,385) 919,429
- Others - - 11,012 - - 11,012 - 11,012
At Amortised Cost -
- Treasury bills - - - - - - - -
- Bonds 97,322 19,969 1,229 - - 118,520 (3,144) 115,376
At FVOCI -
- Treasury bills 1,352,863 - - - - 1,352,863 - 1,352,863
- Bonds 498,375 - - - - 498,375 - 498,375
- Promissory notes 26,984 - - - - 26,984 - 26,984
Other assets - - - - 145,950 145,950 (11,878) 134,072
3,442,841 1,080,836 1,574,636 - 145,950 6,244,263 (47,551) 6,196,712

Financial
Statements


Bank
December 31, 2021
Allowance
Very Low Acceptable Moderately Gross Carrying
risk risk High risk Amount amount
losses
Banks
- Restricted balances with central 953,176 - - - - 953,176 - 953,176
banks
Financial assets at FVTPL: -
- Treasury bills 7,984 - - - - 7,984 - 7,984
- Promissory notes - - - - -
Loans and advances to banks - 122,505 - - - 122,505 (2,381) 120,124
Individuals
- Overdrafts - - 21,272 - - 21,272 (430) 20,842
- Term loans - - 116,964 - - 116,964 (3,828) 113,136
Corporates -
- Overdrafts 204 593 200,328 - - 201,126 (1,965) 199,161
- Term loans 51,652 70,457 1,135,542 - - 1,257,651 (31,801) 1,225,850
- Others - - 121 - - 121 (1) 119
At Amortised Cost -
- Treasury bills 655,793 - - - - 655,793 - 655,793
- Bonds 130,393 19,969 1,229 - - 151,591 (1,167) 150,424
At FVOCI -
- Treasury bills 612,882 - - - - 612,882 - 612,882
- Bonds 89,347 - - - - 89,347 - 89,347
Restricted balances with central banks - - -
Other assets - - - - 73,564 73,564 (10,233) 63,331
2,558,139 632,889 1,475,456 - 73,564 4,740,049 (51,806) 4,688,242


(d) Statement of Prudential Adjustments

Provisions under prudential guidelines are determined using the time based provisioning prescribed by the Revised
Central Bank of Nigeria (CBN) Prudential Guidelines and the Central Banks of the foreign subsidiaries’ regulations. This
is at variance with the expected credit loss model required by IFRS under IFRS 9. As a result of the differences in the
methodology/provision, there will be variances in the impairments allowances required under the two methodolo-
gies.
Paragraph 12.4 of the revised Prudential Guidelines for Deposit Money Banks in Nigeria stipulates that Banks
would be required to make provisions for loans as prescribed in the relevant IFRS Standards when IFRS is adopted.
However, Banks would be required to comply with the following:
Provisions for loans recognized in the profit and loss account should be determined based on the requirements of
IFRS. However, the IFRS provision should be compared with provisions determined under prudential guidelines and
the expected impact/changes in general reserves should be treated as follows:
• Prudential Provisions is greater than IFRS provisions; the excess provision resulting therefrom should be trans-
ferred from the general reserve account to a ”regulatory risk reserve”.
• Prudential Provisions is less than IFRS provisions; IFRS determined provision is charged to the statement of com-
prehensive income. The cumulative balance in the regulatory risk reserve is thereafter reversed to the general
reserve account.
As at 31 December 2022, the difference between the Prudential provision and IFRS impairment was N52.645 billion for
the Group (December 2021: N40.637 billion) and N50.362 billion for the Bank (December 2021: N41.705 billion). This
requires a transfer of N8.657 billion to regulatory credit risk reserve from retained earnings for the Group and N8.104
million transfer for the Bank, as disclosed in the statement of changes in equity. These amounts represent the differ-
ence between provisions for credit and other known losses as determined under the prudential guidelines issued by
the Central Bank of Nigeria (CBN) and the Central Banks of foreign subsidiaries, and impairment reserve as determined
in line with IFRS 9 as at year end.
Group
Group Bank
Bank
Total impairment based on IFRS 117,716 118,039 68,646 82,515

Total impairment based on Prudential Guidelines 170,361 158,676 122,911 124,220
Regulatory credit risk reserve (required) (52,645) (40,637) (54,265) (41,705)
Regulatory credit risk reserve (opening) (40,637) (45,496) (41,705) (45,773)
Transfer (to)/from regulatory risk reserve (12,008) 4,859 (12,560) 4,068

Financial
Statements


(e) Credit Collateral

The Group holds collateral against loans and advances to customers in the form of mortgage interests over property,
other registered securities over assets, and guarantees. Estimates of fair value are based on the value of collateral as-
sessed at the time of borrowing and updated periodically. Collateral generally is not held over loans and advances to
banks except when securities are held as part of reverse repurchase and securities borrowing activity. Collateral is usually
also not held against investment securities.
Irrespective of how well a credit proposal is structured, a second way out in form of adequate collateral coverage for all
loans is a major requirement in order to protect the bank from incurring loan losses due to unforeseen events resulting
from deterioration of the quality of a loan.
Consequently, the Group issues appropriate guidelines for acceptability of loan collateral from time to time, and during
the period, there were no changes in the Group’s collateral policies that would warrant any change in collateral quality.
These articulate acceptable collateral in respect of each credit product including description, required documentation
for perfection of collateral and minimum realizable value.
All items pledged as security for loan facilities are insured with the Bank noted as the first loss payee.
Some of the collaterals acceptable to the Bank under appropriate documentations are briefly described as follows:
1. Cash
Cash is the most liquid and readily realizable form of security and the most acceptable to the Bank. Furthermore, cash pledged
must be in the same currency as the credit and also in the possession of the Bank either in savings or a deposit account.
2. Treasury bills/certificates
Treasury bills/certificates are acceptable as bank security provided the instruments are purchased through the Bank and
have been properly assigned to the bank. Since payments are channelled through the Bank on due dates, realization of
the security is relatively easy.
3. Stock and shares

Stocks and shares of reputable quoted companies are acceptable collateral securities. Unquoted shares are usually not
acceptable as collaterals.
4. Legal Mortgage
The Bank takes and perfects its interest in acceptable property that are transferred by the obligor as collateral for loan,
such that in case of any default by the obligor, the Bank would not require a court order before realizing the security.
Location restrictions are however specified in respect of landed property.
5. Debenture
The Bank accepts to take a charge on both current and non-current assets of a borrower by a debenture which is a
written acknowledgement of indebtedness by a company usually given under its seal and also sets out the terms for
repayment of interest and principal of the credit. A debenture is executed by an obligor in favour of the Bank and it gives
a specific or general charge on the company’s assets, both present and future.
6. Life Insurance Policies

Generally, life policy with a reputable insurance company approved by the Bank and free of restrictions adverse to the
Bank’s interest is an acceptable security for loan. This could be an endowment policy or whole life policy though the
Bank prefers the endowment policy.
7. Guarantees
The Bank accepts guarantees from well rated banks as well as acceptable parties (guarantors) as additional comfort and
security for loans. A guarantee is a written promise by one person called the guarantor or surety to be answerable for the
debt, default or miscarriage of another person called principal debtor.
UBA also accepts unconditional insurance credit and performance bonds of first class insurance companies and also the
guarantee of the Federal and State Governments. Other guarantees must however be supported by tangible assets for
them to become valid for lending.


(e) Credit Collateral - Continued
An estimate of the fair value of collateral and other security enhancements held against loans and advances to custom-
ers is shown below:
Group
Group Bank
Bank
Loans to individuals
Against Stage 3 loans
Property 1,346 2,674 1,278 1,997
Others 18,237 14,491 18,237 12,123
19,584 17,165 19,515 14,120
Property 41 2,578 41 1,404
Others 14,987 7,958 1,033 3,189
15,028 10,536 1,074 4,593
Property 5,162 2,823 4,691 2,513
Others 155,431 131,050 66,624 51,356
160,593 133,873 71,315 53,869
Total for loans to individuals 195,205 161,574 91,904 72,582
Loans to corporates
Property 16,093 55,963 5,830 13,993
Others 105,071 132,173 6,517 15,221
121,164 188,135 12,347 29,214
Property 166,712 192,889 132,375 93,482
Others 339,595 77,777 263,392 55,402
506,308 270,666 395,767 148,884
Property 1,047,963 526,618 321,837 518,368
Others 2,011,932 1,391,520 1,353,940 936,904
3,059,895 1,918,138 1,675,777 1,455,273
Total for loans to corporates 3,687,367 2,376,939 2,083,891 1,633,371
Total for loans and advances to customers 3,882,572 2,538,513 2,175,795 1,705,953
Details of collateral held against loans and advances and off-balance sheet exposures and their carrying amounts are shown
below. The Group manages collaterals for loans and advances based on the nature of those collaterals.
Group Bank
December 31, 2022 Total Value of Total Value of
In millions of Nigerian Naira Exposure Collateral Exposure Collateral
Secured against other collateral* 291,515 464,486 220,019 370,243
Unsecured 11,734 - 11,734 -
303,249 464,486 231,753 370,243
Secured against real estate 349,494 1,237,318 318,252 466,052
Secured against cash 168,256 211,610 150,346 178,502
Secured against other collateral* 2,532,031 2,433,644 1,634,859 1,531,241
Unsecured 87,098 - 19,640 -
3,136,879 3,882,572 2,123,097 2,175,795
* Other collateral are mainly domiciliation of payments (sales, invoices, salaries, allowances and terminal benefits), lien on
shipping documents, corporate guarantees and similar collaterals.

Financial
Statements


(e) Credit Collateral - Continued
Group
Group Bank
Bank
December 31, 2022 Total Value of Total Value of
In millions of Nigerian Naira Exposure Collateral Exposure Collateral
Off-balance sheet exposures
Secured against real estate 27,424 27,669 15,590 15,835
Secured against other collateral* 2,070,565 1,021,268 688,710 610,377
2,137,901 1,091,241 733,853 658,157
December 31, 2021

Unsecured 153,897 11,106 120,124 9,717

Secured against other collateral* 1,904,905 1,743,266 1,233,271 1,089,469
Unsecured 112,635 - 71,785 -
2,680,667 2,538,513 1,848,102 1,705,953
Off-balance sheet exposures

Secured against other collateral* 446,026 521,100 296,694 488,959
1,246,017 808,656 790,386 746,511
* Other collateral are mainly domiciliation of payments (sales, invoices, salaries, allowances and terminal benefits), lien on
shipping documents, corporate guarantees and similar collaterals.
Other financial assets comprising cash and bank balances (including balances with central banks), financial assets held for
trading, investment securities and accounts receivable are not secured. The Group’s investment in government securities
and its cash and balances with central banks are not considered to require collaterals given their sovereign nature.
(f) Repossessed collateral

‘The reposessed collateral in the Group’s books have been recognized as assets classified as held for sale in line with IFRS
5. See note 34. These assets were held as collateral against certain loans and have been used in offsetting the affected
customers’ outstanding obligations.
Details of collaterals realised during the year is as shown below:

Group
Group Bank
Bank
Property 226 - 170 -
226 - 170 -


4.3 Liquidity risk
(a) Overview
Liquidity risk arises in the general funding of the Group’s activities and in the management of position. Liquidity risk is the
risk that the Group does not have sufficient financial resources to meet maturing obligations or can only access these
financial resources at excessive cost. Liquidity risk includes both the risk of being unable to fund assets at appropriate
maturities and rates and the risk of being unable to liquidate an asset at a reasonable price and in an appropriate time
frame. To limit this risk, management has arranged for diversified funding sources in addition to its core deposit base,
and adopted a policy of managing assets with liquidity in mind and monitoring future cash flows and liquidity on a daily
basis. The Group remains well funded with strong liquidity position.
(i) Liquidity Risk Management
In terms of measuring, managing and mitigating liquidity mismatches, UBA Group focuses on two types of liquidity
risk, namely funding liquidity risk and market liquidity risk. Funding liquidity risk is the risk that UBA Group is unable to
meet its payment obligations as they fall due. These payment obligations could emanate from depositor withdrawals
or the inability to roll over maturing debt or meet contractual commitments to lend. Market liquidity risk is the risk that
the group will be unable to sell assets without incurring an unacceptable loss, in order to generate cash required to
meet payment obligations under a stress liquidity event. The Group manages its liquidity prudently in all geographical
locations and for all currencies. The principal uncertainties for liquidity risk are that customers withdraw their deposits
at a substantially faster rate than expected, or that asset repayments are not received on the expected maturity date.
To mitigate these uncertainties, our funding base is diverse and largely customer-driven, while customer assets are of
short tenor. In addition we have contingency funding plans including a portfolio of liquid assets that can be realised if a
liquidity stress occurs, as well as ready access to wholesale funds under normal market conditions. We have significant
levels of marketable securities, including government securities that can be monetised or pledged as collateral in the
event of a liquidity stress.
Contingency funding plans are reviewed and approved annually. They provide a broad set of Early Warning Indicators, an
escalation framework and a set of management actions that could be effectively implemented by the appropriate level
of senior management in the event of a liquidity stress. A similar plan is maintained within each country.
(ii) Liquidity Risk Governance
The board of directors retains ultimate responsibility for the effective management of liquidity risk. Through the Group
Risk Management Committee (GRMC), the board has delegated its responsibility for the management of liquidity risk to
the Group Assets & Liability Committee (GALCO). GALCO is the responsible governing management body that monitors
liquidity management metrics. Liquidity in each country is managed by the country ALCO within pre-defined liquidity
limits and in compliance with Group liquidity policies and practices, as well as local regulatory requirements. Group
Market Risk management and Group Treasury are responsible for proactively managing liquidity risk at an operational,
tactical and strategic level.
(iii) Liquidity Risk Measurement
There are two measures used across the Group for managing liquidity risk namely: liquidity ratio mechanism which is
a statutory requirement from most Central Banks in order to protect third party deposits, and funding gap analysis of
assets and liabilities. The funding gap analysis is applied through the use of a maturity ladder by assessing all the bank’s
cash inflows against outflows to identify the potential for net shortfalls or net funding requirements (i.e. a cumulative net
excess or deficit of funds) at selected maturity dates. The maturity ladder is monitored on a day -to-day basis and stress
testing is undertaken on a quarterly basis by applying different scenarios to the maturity ladder and assessing the bank’s
funding requirements under each scenario. All UBA businesses and subsidiaries also construct their maturity ladder and
compile reports based on agreed assumptions which is consolidated into a global report for Group ALCO review. The
country treasurer for each subsidiary/Group Head Balance Sheet Management also documents the appropriate actions
and includes the same into the Contingency Funding Plan (CFP) for implementation.
Liquidity stress testing is also performed for each of UBA Group’s major entities and operating subsidiaries. Stress testing
and scenario analyses are intended to quantify the potential impact of a liquidity event on the balance sheet and liquid-

Financial
Statements

ity position, and to identify viable funding alternatives that can be utilized. These scenarios include assumptions about
significant changes in key funding sources, market triggers (such as credit ratings), potential uses of funding and political
and economic conditions in certain countries. These conditions include expected and stressed market conditions as
well as Company-specific events.

(b) Liquidity ratios
The key measure used by the Group for managing liquidity risk is the ratio of net liquid assets to deposits from cus-
tomers. For this purpose, net liquid assets are considered as including cash and cash equivalents and investment grade
debt securities for which there is an active and liquid market less any deposits from banks, debt securities issued, other
borrowings and commitment maturing within one month.
The liquidity position of the Group remained strong in the course of the period and materially above the minimum
liquidity ratio requirement of 30% prescribed by the Central Bank of Nigeria. Details of the Bank’s ratio of net liquid assets
to deposits and customers at the reporting date and during the reporting period were as follows:
Bank Bank
Dec. 2022 Dec. 2021
At year end 59.03% 47.56%
Average for the year 47.99% 44.86%
Maximum for the year 53.98% 51.53%
Minimum for the year 40.60% 37.43%
(c) Analysis of financial assets and liabilities by remaining contractual maturities
The tables below show the undiscounted cash flow on the Group’s financial liabilities and on the basis of the earliest
possible contractual maturity. The Gross nominal inflow/outflow disclosed in the table is the contractual, undiscounted
cash flows on the financial liabilities or commitments, except for derivatives assets and liabilities which are stated at their
fair values.
The Group’s expected cash flows on some financial assets and financial liabilities vary significantly from the contractual
cash flows. Demand and savings deposits are expected to remain stable or increase, while unrecognised loan commit-
ments are not expected to be drawn down immediately.


4.3 Liquidity risk - Continued
Maturity analysis for financial liabilities
Group
December 31, 2022
Gross Less More
Carrying 1-3 3-6 6 - 12
Note nominal than than
amount Months Months Months
In millions of Nigerian Naira amount 1 month 1 year
Non-derivative financial liabilities
Deposits from banks 1,170,238 1,319,361 728,659 282,925 307,777 - -
Deposits from customers
Retail Customers:
Term deposits 197,391 126,532 ` 77,321 4,830 9,435 34,946
Current deposits 864,495 864,495 864,495 - - - -
Savings deposits 2,134,453 2,147,286 2,147,286 - - - -
Corporate Customers:
Term deposits 964,895 991,829 446,480 231,774 120,964 40,946 151,665
Current deposits 3,663,658 3,606,243 1,713,963 447,071 549,451 320,601 575,158
Other financial liabilities 375,887 475,740 - 152,551 155,510 50,910 116,769
Borrowings 535,735 705,354 67,071 66,790 140,500 292,663 138,330
Total financial liabilities 9,906,753 10,236,840 5,967,953 1,258,433 1,279,032 714,556 1,016,867
Derivative liabilities:
Cross Currency Swap 79 79 79 - - - -
Contingents and loan commitments
Performance bonds and guarantees 1,377,022 1,377,022 1,214,697 24,079 32,990 37,738 67,516
Letters of credit 626,912 626,912 336,908 110,536 39,148 79,084 61,235
Loan commitments 2,003,934 2,003,934 - - - - 2,003,934
Assets used to manage liquidity

Cash and bank balances 2,553,629 2,030,310 1,749,756 142,854 53,838 49,292 34,571
Assets under management 12,923 12,923 - - - - 12,923
Financial assets at FVTPL
Treasury bills 14,963 15,107 2,000 4,750 2,607 5,750 -
Loans and advances to banks 303,249 305,924 68,526 149,614 1,157 1,715 84,913

Individual
Term loans 267,384 205,321 30,331 15,562 22,782 43,561 93,085
Overdrafts 15,468 38,906 38,906 - - - -
Corporates
Term loans 2,039,303 2,278,760 262,914 406,026 245,780 348,786 1,015,254
Overdrafts 803,833 878,947 207,477 24,413 2,441 244,001 400,615
Others 10,891 11,134 11,015 - - - 119
Investment securities
At FVOCI
Treasury bills 1,379,678 1,716,822 773,738 370,503 269,394 303,188 -
Bonds 637,970 782,246 10,651 13,112 2,272 28,157 728,053
Promissory notes 26,984 30,000 - - - - 30,000
At amortised cost -
Treasury bills 1,006,960 1,057,308 54,418 273,430 198,811 223,751 306,898
Bonds 999,345 1,280,737 3,671 9,290 707,736 - 560,039
Other assets 220,524 234,737 - 226,316 - 8,421 -
Derivative assets 39,830 39,830 103 2,144 798 7,892 28,893
Non - Current Assets Held for Sale 82,217 82,217 - - - 82,217 -
Total financial assets 10,415,151 11,001,230 3,213,505 1,638,016 1,507,617 1,346,730 3,295,364
Gap (3,499,549) (3,243,557) (4,306,133) 244,968 156,446 515,351 145,811

Financial
Statements


Maturity analysis for financial liabilities
Bank
December 31, 2022 Gross Less More
Notes Carrying nominal than 1-3 3-6 6 - 12 than
Non-derivative liabilities
Deposits from banks 863,795 992,705 537,849 208,837 227,181 18,837 -
Retail Customers:
Term deposits 43,643 43,643 22,238 2,772 1,829 3,572 13,232
Term deposits 500,244 500,493 280,723 194,458 19,141 3,742 2,428
Current deposits 2,322,836 2,322,836 1,931,400 391,436 - - -
Other financial liabilities 321,136 333,230 - 135,551 - 80,910 116,769
Borrowings 530,446 567,024 67,071 66,790 140,500 292,663 -
Total financial liabilities 6,761,893 6,939,725 5,019,075 999,846 388,650 399,725 132,429
Derivative liabilities
Cross Currency Swap 79 306 306 - - -
Performance bonds and guarantees 364,161 364,579 212,082 32,005 24,069 49,341 47,082
Loan commitments 29,387 29,421 29,421 - - - -

Cash and bank balances 2,154,971 1,713,350 1,476,594 120,553 45,433 41,597 29,174
Assets under management 12,923 12,923 - - - - 12,923
Treasury bills 14,963 15,107 2,000 4,750 2,607 5,750
Loans and advances to banks 231,753 233,695 67,988 77,923 1,157 1,715 84,913
Individual :
Term loans 199,405 247,262 72,272 15,562 22,782 43,561 93,085
Overdrafts 16,332 24,791 24,791 - - - -
Corporates :
Term loans 1,300,781 1,435,483 63,409 442,245 245,780 348,786 335,263
Overdrafts 606,580 649,026 207,477 2,441 286,231 52,262 100,615
Others - - - - - - -
At FVOCI
Treasury bills 1,352,863 1,389,310 71,506 359,288 261,239 294,010 403,266
Bonds 544,850 675,464 9,197 11,323 1,962 24,314 628,669
Promissory notes 26,984 30,000 - - - - 30,000
At amortised cost
Bonds 118,520 258,101 557 1,761 11,788 7,426 236,569
Other assets 145,950 67,178 67,178 - - - -
Derivative asset 39,830 39,830 103 2,144 798 7,892 28,893
Total financial assets 6,848,922 6,873,737 2,063,071 1,037,991 879,778 909,529 1,983,370
Gap (646,903) (800,991) (3,402,934) (47,215) 457,054 443,348 1,748,756


4.3 Liquidity risk - Continued)
Maturity analysis for financial liabilities - Continued
December 31, 2021 Gross Less More

Group Note Carrying nominal than 1-3 3-6 6 - 12 than
Deposits from banks 654,211 657,783 453,973 146,238 57,246 327 -
Retail Customers:
Term deposits 71,291 71,996 51,774 17,637 2,366 220 -
Term deposits 785,260 793,024 571,324 193,353 25,939 2,404 5
Current deposits 3,135,355 3,135,355 3,135,355
Other financial liabilities 208,607 208,607 208,607 - -
Borrowings 455,772 522,894 - 6,597 112,683 47,175 356,438
Subordinated liabilities - - - - - -
Cross Currency Swap 98 98 98 - - - -

Loan commitments 244,985 244,985 119,909 - - - 125,076

Cash and bank balances 1,818,784 1,820,875 644,792 87,762 77,049 41,403 969,869
Treasury bills 10,383 10,859 2,509 - - 8,350 -
Promissory notes - - - - - - -
Bonds 2,713 3,571 3,571 - - - -
Loans and advances to banks 153,897 161,592 97,860 142 - - 63,590

Individual
Term loans 181,408 191,189 36,806 2,790 2,822 12,082 136,690
Overdrafts 37,555 53,409 46,417 253 837 3,602 2,299
Corporates
Term loans 2,072,966 2,197,586 191,404 190,633 106,414 152,377 1,556,758
Overdrafts 388,617 479,447 203,435 77,346 73,673 88,322 36,670
Others 120 120 1 - - - 119
At FVOCI
Treasury bills 633,315 667,488 104,953 134,119 243,958 184,458 -
Bonds 221,448 292,862 (7) 4,893 700 7,007 280,269
At amortised cost -
Treasury bills 1,555,787 1,557,771 407,913 287,464 862,393 - -
Bonds 787,832 1,036,926 132,887 3,077 21,204 62,190 817,567
Other assets 122,488 133,692 133,692 - - - -
Derivative assets 33,340 33,340 7,774 10,470 15,097 - -
Total financial assets 8,102,871 8,722,943 2,014,008 798,950 1,404,147 642,007 3,863,832
Gap (831,023) (290,115) (5,453,019) 300,510 1,133,774 475,057 3,253,561

Financial
Statements


Maturity analysis for financial liabilities - Continued
December 31, 2021

Bank Gross Less More
Carrying 1-3 3-6 6 - 12
Note nominal than than
Deposits from banks 483,110 485,748 343,131 102,330 40,058 229
Retail Customers:
Term deposits 18,808 18,994 13,659 4,653 624 58
Current deposits 329,747 329,747 329,747
Savings deposits 1,396,905 1,396,905 1,396,905
Term deposits 433,054 437,336 317,016 104,935 14,077 1,305 3
Current deposits 1,825,792 1,825,792 1,825,792
Other financial liabilities 123,241 123,241 89,786 33,455 - -
Borrowings 455,772 522,895 - 6,597 112,683 47,175 356,438
Cross Currency Swap 98 98 - - 98 - -
Loan commitments 125,077 125,221 27,888 - - - 97,332

Cash and bank balances 1,446,906 1,448,570 354,190 61,328 39,650 28,062 965,340
Treasury bills 7,984 8,350 8,350
Loans and advances to banks 120,124 144,149 67,638 21,508 29,743 449 24,810
Individual :
Term loans 113,385 140,597 35,708 2,623 2,361 10,119 89,787
Overdrafts 36,658 44,393 40,172 88 3 2,703 1,428
Corporates :
Term loans 1,459,156 1,610,258 169,495 141,393 71,468 134,218 1,093,684
Overdrafts 238,782 312,478 132,546 62,161 47,576 44,371 25,825
Others 119 119 - - - - 119
At FVOCI
Treasury bills 612,882 645,952 101,568 129,792 236,086 178,506 -
Bonds 89,347 118,160 (5,715) 2,046 293 2,930 118,606
At amortised cost
Treasury bills 655,793 656,629 145,106 127,881 383,642 -
Bonds 151,591 199,521 25,191 593 4,089 11,992 157,655
Other assets 73,564 83,797 83,797 - - - -
Derivative asset 33,340 33,340 7,773 10,470 15,097 -
Total financial assets 5,121,848 5,528,530 1,157,469 559,882 830,008 503,917 2,477,255
Gap (735,065) (403,519) (3,564,456) 222,552 628,394 388,695 1,921,297


4.4 Market risk
(a) Overview
Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in
market variables such as interest rates, foreign exchange rates and equity prices. The overall objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return
on risk. The Group classifies exposures to market risk into either trading or non-trading portfolios and manages each of
these portfolios separately. The trading portfolios comprise positions arising from market-making and warehousing of
customer derived positions while non-trading portfolios comprise positions that primarily arise from the interest rate
management of our retail and commercial banking assets and liabilities as well as financial instruments designated as
FVOCI and amortised cost. UBA Group follows the Standardised Approach for market risk regulatory reporting purposes.
(i) Market Risk Management
The objective of market risk management in UBA is to ensure that all significant market risks are identified, measured,
and managed in a consistent and effective manner across the Group in order to stabilize earnings and capital and also
to ensure that the Group carries out its affairs within acceptable parameters and in line with the market risk appetite.
Market risk achieves the above stated objective, through a mix of quantitative and statistical controls which covers the
under listed activities:
Market data collection and statistical analysis

Limit determination based on market volatility and in-country macro-prudential & regulatory guidelines.
Stop loss limit utilization monitoring
Position monitoring
New trading products risk assessment
P&L attribution analysis
Pricing model validation and sign off
Trading portfolio stress testing
Regulatory limit monitoring
Position data extraction and Internal limit monitoring
Contingency funding plan maintenance and testing
Risk profile reporting to GALCO.
The material risks identified by these measures are summarised in daily reports that are circulated to, and discussed with,
senior management.
The universal market risk factors in UBA Group are interest rates, foreign exchange rates and equity prices. The associated
market risks are:
• Foreign currency risk; arising from changes in exchange rates

• Interest rate risk; arising from changes in yield curves and credit spreads
• Equity risk; arising from changes in in the prices of equities, equity indices and equity baskets.
(ii) Market Risk Governance
The Board of Directors is responsible for determining UBA Group's risk appetite and tolerance limits for all its market risk
exposures. Senior management is responsible for supporting the Board in determining market risk appetite and toler-
ance limits as well as putting in place all requisite processes, procedures and tools to ensure proper implementation of a

Financial
Statements

robust system for managing, monitoring and reporting market risk appetite. The Board through Board Risk Management
Committee (BRMC) is responsible for the overall governance of market risk as well as defining the terms of reference and
delegating responsibilities to both the Group Risk Management Committee (GRMC) and Group Asset & Liability Man-
agement Committee (GALCO). GALCO has Group oversight and is charged with ensuring that market risks are managed
homogeneously in all areas of operation. Further to the above, oversight of market risk is vested in BRMC, GALCO and
the Finance & General Purpose Committee (FGPC) while the day to day management rests with the Executive Director,
Risk Management, Corporate Governance & Compliance. The Group Market Risk Division is not only responsible for the
development of detailed risk management policies but is also involved in the day to day review of their implementation.
The market risk management policies are usually validated / approved by the Board in accordance with the approval
guidelines. Trading limits are approved by GALCO and F&GPC and ratified by the Board while exposures against these
limits are monitored by market risk management team. Market risk exposures are measured and reported and reported
to management and bank executives on a daily basis. Documented policies and procedures are in place to ensure that
exceptions are resolved timeously.
(iii) Market Risk Measurement
The Group's policy is that all trading activities are undertaken within the context of the approved Market Risk Manage-
ment appetite and limits. Market Risk Management team is responsible for identifying, measuring, managing, monitor-
ing and reporting market risk as outlined in market risk management policy and other related policies.
The Group uses limits, triggers, value at risk, earnings-at-risk, gap analyses and scenario analyses to measure and control
the market risk exposures within its trading and banking books. The Group also performs regular stress tests on its bank-
ing and trading books.
(iv) Approach to Managing Market Risk in the Trading Book
The techniques used to ensure and control trading book market risk include limit monitoring, daily valuation of posi-
tions, Value at Risk (VaR), Back testing, stop loss triggers, stress testing/sensitivity analysis etc.
Market Risk Limits: The Bank has put in place specific market risk limits and triggers (regulatory and in-house) to pre-
vent undue risk exposure to the Group. Market risk limits are based on recommendations by GALCO and approved by
the Board. Position limits, transaction size and portfolio volume limits are in place for each trading portfolio. UBA Group
sets various limits for total market risk and specific foreign exchange, interest rate, equity and other price risks. All limits
are reviewed at least annually, and more frequently if required, to ensure that they remain relevant given market condi-
tions and business strategy. Compliance with limits is monitored independently on a daily basis by Group Market Risk
and Internal Control. Limit excesses are escalated and approved under a delegated authority structure and reported to
the GALCO. Excesses are also reported monthly to Group Risk Management Committee (GRMC) and quarterly to Board
Risk Management Committee (BRMC).
Stop loss Triggers: Stop loss triggers are used to protect the profitability of the trading desk. They establish decision
points to confirm the Group's tolerance for accepting trading risk losses on a cumulative basis. The triggers are moni-
tored on a daily basis by market risk management team.
Daily Valuation Of Market Risk Positions: Mark to Market (MTM) for relevant products/positions is done in line with
International Financial Reporting Standard (IFRS). All market risk financial instruments are categorized into:
1) Fair value through profit or loss(FVTPL) – valued on fair value accounting methodology and MTM daily.
2) Fair value through other comprehensive income(FVOCI) – valued on fair value accounting methodology and
MTM monthly.
3) Amortised cost – This portfolio is not MTM because positions are held until maturity.
Marking-to-market is at least the daily valuation of positions at readily available close out prices that are sourced in-
dependently. Where marking-to-market is not possible, marking-to-model technique is employed. Marking-to-model
is defined as any valuation which has to be benchmarked, extrapolated or otherwise calculated from a market input.

Assets that must be marked-to-model either don't have a regular market that provides accurate pricing, or valuations
rely on a complex set of reference variables and time frames. E.g. complex financial instruments and derivatives.
Stress Testing: Market risk management complements the VaR measurement by regular stress testing of market risk
exposures to highlight the potential risk that may arise from extreme market events that are rare but plausible. Stress
testing provides an indication of the potential losses that could occur under extreme but plausible market conditions
including when longer holding periods may be required to exit positions. Consistent stress-testing methodology is
applied to trading and non trading books. Stress testing methodology considers both historical market events and for-
ward-looking scenarios. The stress testing scenarios include market and credit scenarios, portfolio specific scenarios and
macro economic scenarios. Stress scenarios are regularly updated to reflect changes in risk profile and economic events.
Factor Sensitivities: Factor sensitivities are expressed as the change in the value of a position for a defined change in
a market risk factor, such as a change in the value of Nigerian Government Treasury bill for a one hundred basis point
change in interest rates. UBA Group’s Market Risk Management, within the Risk organization, works to ensure that factor
sensitivities are calculated and monitored for all material risks taken in the trading portfolios.
(v) Approach to Managing Market Risk in the Non-trading Portfolio
Market risk from non-trading portfolios stems from the potential impact of changes in interest rates and foreign ex-
change rates on UBA’s net interest revenues, the changes in accumulated other comprehensive income (loss) from its
investment portfolios and capital invested in foreign currencies.
The management of banking book related market risk exposures involves managing the potential adverse effect of
interest rate movements on banking book earnings (net interest income and banking book MTM profit or loss) and
economic value of equity. Market risk in the banking book arises as a result of the mismatch between the future yield on
assets and their funding cost and also the different re-pricing characteristics of banking book assets and liabilities. UBA
Group uses a variety of tools to track and manage this risk. These tools include;
• Re-pricing gap analysis

• Liquidity gap analysis
• Earnings-at-Risk (EAR)
• Sensitivity Analysis
(vi) Exposure to interest rate risk- non-trading portfolio
UBA Group’s principal measure of risk to net interest revenue is interest rate exposure (IRE). This is the risk that changes in
interest rates could have a negative impact on the Bank’s margins, earnings and capital. The objective of the Bank’s inter-
est rate risk management is to ensure that earnings are stable and predictable over time. The Bank is exposed to interest
rate risk through the interest-bearing assets and liabilities in its trading and banking books. Non-traded interest rate risk
arises in the banking book from the provision of retail and wholesale (non-traded) banking products and services, as well
as from certain structural exposures within the Group balance sheet, mainly due to different re-pricing characteristics of
banking book assets and liabilities.
Interest rate risk is managed principally through monitoring interest rate gaps and having pre-approved limits for re-pric-
ing bands. There will always be a mis-match between maturing assets and maturing liabilities, and changes in interest
rates means that the Net Interest Margin (NIM) is affected on a daily basis by maturing and re-pricing activities. This
change is measured through calculation of Earnings at Risk or EaR on a portfolio over the life of its assets and liabilities.
EaR is usually calculated at various levels of change to simulate the likely change in the course of normal business or the
expected risk where there is an unusual market event.
GALCO has oversight for compliance with these limits and execution of gapping strategy is carried out by Group Trea-
sury.
The management of interest rate risk against interest rate gap limits is supplemented by monitoring the sensitivity of the

Financial
Statements

Group's financial assets and liabilities to various standard and non-standard interest rate scenarios.
In order to manage changes in interest rates effectively, the Group may modify pricing on new customer loans and
deposits, purchase fixed rate securities, issue debt that is either fixed or floating or enter into derivative transactions
that have the opposite risk exposures. UBA regularly assesses the viability of these and other strategies to reduce its
interest rate risks and implements such strategies when it believes those actions are prudent.

(b) Interest rate risk
UBA Group's operations are subject to the risk of interest rate fluctuations to the extent that interest-earning assets
(including investments) and interest-bearing liabilities mature or re-price at different times or in differing amounts. Risk
management activities are aimed at optimising net interest income and maintaining market interest rate levels consis-
tent with the Group's business strategies.
The table below is a summary of the group's interest rate gap position at the reporting date. All assets, liabilities and
derivatives instruments are allocated to gap intervals based on either their re-pricing or maturity characteristics. The
Group's assets and liabilities are included at carrying amount and categorised by the earlier of their contractual re-pric-
ing or maturity dates. Assets and liabilities for which no identifiable contractual repricing or maturity dates exist are
allocated to gap intervals based on behavioural profiling. Overall non-trading interest rate risk positions are managed by
Group Treasury which uses investment securities, advances to other financial institutions (banks and discount houses) to
manage the overall position arising from the Group’s non-trading activities.



4.4 Market risk - Continued
Interest rate risk - Continued
December 31, 2022

Group Re-pricing period
Non-
Carrying 1-3 3-6 6-12 More than interest
In millions of Nigerian Naira amount < 1 month months months months 1 year bearing
Cash and bank balances 2,553,629 - 139,441 - - - 2,414,188
Assets under management 12,923 - - 10,877 2,046 - -
Treasury bills 14,963 2,265 4,954 2,545 5,199 - -
Bonds - - - - - - -
Loans and advances to banks 303,249 227,802 44,984 9,832 196.85 20,434 -
Individual
Term loans 267,384 179,967 30,739 15,849 12,591 28,239 -
Overdrafts 15,468 15,468 - - - - -

Corporates
Term loans 2,039,303 1,040,380 351,251 181,108 143,876 322,687 -
Overdrafts 803,833 803,833 -
Others 10,891 10,891 -
At FVOCI:
Treasury bills 1,379,678 452,658 365,271 259,561 302,189 - -
Bonds 637,970 - - - 1,155 475,033 -
Promissory notes 26,984 - - - - 26,984 -
Equity 148,621 - - - - - 148,621
At amortised cost:
Treasury bills 1,006,960 412,104 189,034 123,055 282,767 - -
Bonds 999,345 21,366 19,719 87,456 135,293 735,511 -
Derivative assets 39,830 - - - - - 39,830
Other assets 220,524 - - - - - 220,524
Non-Current Assets Held for Sale 82,217 - - - - - 82,217
10,563,772 3,166,733 1,145,393 690,284 885,312 1,608,887 2,905,380
Derivative liability 79 (227) - - - - 306
Deposits from banks 1,170,238 762,876 109,592 14,578 - - 283,192
Deposits from customers 7,824,892 3,032,647 301,655 136,157 98,213 377,682 3,878,538
Other liabilities 375,887 20,077 226,873
Borrowings 535,735 167,558 137,972 77,303 1,543 151,358
9,906,831 3,982,931 549,219 228,038 99,757 529,040 4,388,909
Gaps 656,941 (816,198) 596,174 462,246 785,555 1,079,847 (1,483,529)

Financial
Statements


December 31, 2021

Group Re-pricing period
Non-
Cash and bank balances 1,818,784 64,671 25,717 719 7,319 - 1,720,358
Treasury bills 10,383 10,383 - -
Bonds 2,713 - - - - 2,713 -

Loans and advances to banks 153,897 90,135 18,030 24,878 381.76 20,472.38 -
Individual
Term loans 181,408 27,302 8,612 4,587 15,603 125,304 -
Overdrafts 37,555 37,555 -
Corporates
Term loans 2,072,966 390,808 155,488 80,099 158,773 1,287,797 -
Overdrafts 388,617 388,617 - - - - -
Others 120 120 - - - - -
At FVOCI:
Treasury bills 633,315 102,506 111,419 234,768 184,623
Bonds 221,448 (3,175) 8,647 5,984 23,197 186,795
Equity 139,028 - - - - - 139,028
At amortised cost:
Treasury bills 1,555,787 188,466 284,750 582,069 500,502 -
Bonds 787,832 99,906 22,977 22,327 61,392 581,229 -

Other assets 122,488 - - - - - 122,488
8,241,899 1,386,911 635,641 955,431 962,173 2,204,311 2,097,431
Derivative liability 98 - - - - - 98
Deposits from banks 654,211 250,481 119,422 39,372 229 244,707
Borrowings 455,772 11,534 32,151 166,818 245,270
7,687,877 2,531,279 292,443 246,176 59,880 336,520 4,221,581
Gaps 554,022 (1,144,368) 343,198 709,255 902,293 1,867,791 (2,124,150)


December 31, 2022

Bank Re-pricing period
More Non-
Carrying 1-3 3-6 6-12 than interest
Cash and bank balances 2,154,971 557,065 71,258 39,218 38,522 - 1,448,908
Assets under management 12,923 - - 10,877 2,046 - -
Treasury bills 14,963 2,265 4,954 2,545 5,199 - -
Promissory notes - - - -
Bonds - (3) - - - 3 -
Loans and advances to banks 231,753 185,088 27,823 6,081 122 12,639 -
Individual
Term loans 199,405 144,767 19,212 9,906 7,870 17,650
Overdrafts 16,332 16,332
Corporates
Term loans 1,300,781 597,642 247,245 127,482 101,274 227,138
Overdrafts 606,580 606,580
Others - - - - -
At FVOCI:
Treasury bills 1,352,863 455,520 356,176 256,038 285,128
Bonds 544,850 133,665 206 410,979
Promissory notes 26,984 449 - - 14 26,521 -
Equity 146,992 17,365 - - - - 129,627
At amortised cost:
Treasury bills - - - - -
Bonds 118,520 (6,879) 6,459 118,940
Promissory notes - - - - - - -
Derivative assets 39,830 28,893 - - - - 10,937
Other assets 145,950 79,497 - - - - 66,453
6,995,914 2,818,246 726,669 458,607 440,380 813,871 1,738,142
Derivative liability 79 (227) - - - - 306

Deposits from banks 863,795 457,450 108,575 14,578 - - 283,192
Borrowings 530,446 162,269 137,972 77,303 1,543 151,358
6,761,970 3,046,783 445,795 151,670 12,184 375,689 2,729,849
Gaps 233,944 (228,537) 280,874 306,937 428,196 438,181 (991,707)

Financial
Statements


December 31, 2021

Bank Re-pricing period
Non-
Cash and bank balances 1,446,906 19,520 60,725 39,260 27,786 - 1,299,614
Treasury bills 7,984 - 7,984 - -
Bonds -
Loans and advances to banks 120,124 56,362 18,030 24,878 382 20,472 -

Individual
Term loans 113,385 62,727 1,976 1,118 8,251 39,313
Overdrafts 36,658 36,658
Corporates -
Term loans 1,459,156 203,005 128,161 65,817 128,495 933,679
Overdrafts 238,782 238,782
Others 119 119 - - -
At FVOCI:
Treasury bills 612,882 101,412 109,996 230,272 171,203
Bonds 89,347 (4,670) 94,017
Equity 138,020 - - - - - 138,020
At amortised cost:
Treasury bills 655,793 145,116 127,776 382,900 -
Bonds 151,591 18,413 91 6,489 126,598
Other assets 73,564 - - - - - 73,564

5,259,868 877,445 446,755 750,735 344,101 1,214,078 1,626,755
Derivative liability 98 - - - - - 98
Deposits from banks 483,110 99,772 100,801 39,372 229 242,937
Deposits from customers 4,004,306 1,706,651 108,141 14,355 1,311 3 2,173,846
Other liabilities 123,241 - 123,241
Borrowings 455,772 11,534 32,151 166,818 245,270
5,066,527 1,817,956 241,092 220,545 1,311 245,501 2,540,122
Gaps 193,341 (940,512) 205,663 530,189 342,790 968,577 (913,367)


Interest rate sensitivity analysis of floating rate financial instruments
The tables below shows the impact of interest rate changes (increase / decrease) on the Group’s floating-rate financial instru-
ment portfolios and the effect on profit or loss. The sensitivity analysis is based on a conservative assumption of 50 basis point
change on the instrument with other variables remaining constant and also assuming there is no asymmetrical movement in
yield curve.
Borrowings Group
Group Bank
Bank
In millions of Nigerian Naira 31 Dec. 22 31 Dec. 21 31 Dec. 22 31 Dec. 21
- European Investment Bank (EIB) (note 38.4) 14,403 17,670 14,403 17,670
- Eurobond debt security (note 38.5) 137,850 206,746 137,850 206,746
- African Development Bank (note 38.3) 23,594 32,151 23,594 32,151
-Abu Dhabi Commercial Bank (ADCB)(note 38.10) 23,350.90 - 23,351 -
- Proparco (note 38.7) 31,712 36,091 31,712 36,091
- Agence Francaise de Development (AFD) (note 38.6) 9,225 8,453 9,225 8,453
-Others 23,563 21,641 23,563 -
418,159 322,750 418,159 301,110
Impact on profit or loss:

Favourable change @ 0.5% increase in rates (2,091) (1,614) (2,091) (1,614)
Unfavourable change @ 0.5% reduction in rates 2,091 1,614 2,091 1,614
(c) Price risk
The Group is exposed to the impact of price changes on its financial assets measured at FVTPL, FVTOCI and its equity
instruments.
Price sensitivity analysis for financial instruments measured at FVTPL
The table below shows the impact of price changes (increase / decrease) on the Group’s financial assets measured at fair
value and the effect on profit & loss. For the purpose of sensitivity analysis, a conservative assumption of 2% change in
prices with other variables remaining constant was made.

Financial
Statements


Group
Group Bank
Bank
Treasury bills 14,963 10,383 14,963 7,984

Government bonds - 2,713 - -
14,963 13,096 14,963 7,984

Favourable change @ 2% increase in prices (299) (262) (299) (160)
Unfavourable change @ 2% reduction in prices 299 262 299 160
Derivative assets 39,830 33,340 39,830 33,340

Favourable change @ 2% increase in rates 200 (667) 200 (667)
Unfavourable change @ 2% reduction in rates (201) 667 (201) 667
Derivative liabilities 79 98 79 98
Impact on income statement:
Favourable change @ 2% increase in rates 0.2 2 0.2 2
Unfavourable change @ 2% reduction in rates (0.2) (2) (0.2) (2)
Price sensitivity analysis for financial instruments measured at FVOCI:
The table below shows the impact of price changes (increase / decrease) on the Group's financial instruments at FVOCI
and the effect on other comprehensive income. For debt securities which are categorised under level 1 in the fair value
hierarchy, a 2% change in prices has been assumed with other variables remaining constant.
Group
Group Bank
Bank
Debt securities
Investment securities at FVOCI:
Treasury bills 1,379,678 633,315 1,352,863 612,882
Government bonds 637,970 221,448 544,850 89,347
Total 2,017,648 854,763 1,897,713 702,229
Impact on other comprehensive income statement:

Favourable change @ 2% increase in prices 40,353 17,095 37,954 14,045
Unfavourable change @ 2% reduction in prices (40,353) (17,095) (37,954) (14,045)


Equity price risk
Equity price risk is the risk that the fair value of equities decreases as a result of changes in the level of equity indices
and individual stocks. The non-trading equity price risk exposure arises from equity securities classified as FVOCI. The
sensitivity analysis on the Group’s total equity position is shown below.
Sensitivity analysis for level 1 equity securities is based on average movement in share price index for quoted shares
during the year. Price sensitivity analysis for the Group’s Level 2 unquoted equities was based on assumptions of a
5% change in the last trading prices obtained from over-the-counter (OTC) trades that were done as at the reporting
date. For unquoted equity securities categorised under level 3 in the fair value hierachy, 5% increases/decreases were
assumed for the significant unobservable inputs (cost of equity and terminal growth rates).
Total Equity Positions Group

Group Bank
Bank
Investment securities at FVOCI 145,174 134,027 143,545 133,019
Total 145,174 134,027 143,545 133,019
Impact on Other comprehensive income:

Favourable change @ 5% increase in prices 7,259 6,701 7,177 6,651
Unfavourable change @ 5% reduction in prices (7,259) (6,701) (7,177) (6,651)
(d) Exchange rate exposure limits
FCY sensitivity analysis on foreign exchange rate
Foreign exchange risk is the risk of an adverse impact on the group’s financial position or earnings or key ratios as a result
of movements in foreign exchange rates impacting balance sheet exposures. The group is exposed to foreign exchange
rate both as a result of on-balance sheet transactions in a currency other than the Naira, as well as through structural
foreign exchange risk from the translation of its foreign operations’ results into Naira. The impact on equity as a result of
structural foreign exchange risk is recognised in the foreign currency translation reserve balance. Foreign exchange risk is
primarily controlled via in-country macro-prudential and regulatory limits as well as the group’s policies around trading
limits. The Board and Group ALCO set limits on the level of exposure by currency and in aggregate for both overnight
and intra day positions. These limits must be in line with regulatory Open Position Limit (OPL). Compliance with both
internal limits and regulatory limits are monitored daily with zero tolerance for limit breaches. These limits include OPL,
dealers’ limit, overnight/intraday limits, maturity gap limits, management action trigger, product limits, counterparty
limits and cross border limits.
The tables below show foreign currencies to which the Group had exposure at the end of the reporting period and the
sensitivity of the Group’s profit before tax and equity to changes in exchange rates. The analysis calculates the effect
of reasonably possible movement of the foreign exchange rates against the Nigerian Naira (all other variables being
constant) on the income statement due to changes to the carrying amounts of the Group’s foreign currency sensitive
financial assets and liabilities. A negative amount in the table reflects a potential net reduction in the income statement
or equity, while a positive amount reflects a net potential increase. An equivalent decrease in each of the currencies
below against the Nigerian Naira would have resulted in an equivalent but opposite impact.
For the purpose of disclosing the sensitivity analysis for foreign currency risk, the Group’s foreign currency risk arising
from the translation of its foreign operations are not taken into account even though they may have an impact on equi-
ty. This is because foreign currency risk can only arise on financial instruments denominated in a currency other than the
functional currency in which they are measured and translation exposures arise from financial and non-financial items
held by an entity with a functional currency different from the group’s presentation currency.


Financial
Statements


The information disclosed on the net foreign currency (FCY) exposure is representative of the average exposure in the
period. The Bank believes that for each foreign currency exposure, it is reasonable to assume 10% depreciation of the
Naira holding all other variables constant.
Group
In millions of Nigerian Naira Naira US Dollar Euro Pound Others Total
December 31, 2022
Cash and bank balances 1,108,936 1,019,655 177,882 4,492 242,665 2,553,629
Financial assets at FVTPL 14,963 - - - - 14,963
Derivative assets 39,830 - - - - 39,830
Loans and advances to banks 56,763 246,450 35 0 - 303,249
Loans and advances to customers 1,151,621 1,138,701 52,765 607 793,185 3,136,879
Investment securities 2,109,585 87,767 13,112 - 1,970,227 4,180,691
Other assets 27,956 122,003 7,234 16 77,527 234,737
Total financial assets 4,509,654 2,614,575 251,028 5,116 3,083,604 10,463,978
Derivative liability 79 - - - - 79
Deposits from banks - 723,488 38,913 516 407,321 1,170,238
Deposits from customers 3,598,542 1,578,144 155,748 12,175 2,480,283 7,824,892
Other liabilities 210,711 25,399 51,950 - 87,829 375,887
Borrowings 33,953 496,492 - - 5,290 535,735
Total financial liabilities 3,843,285 2,823,523 246,611 12,691 2,980,722 9,906,831
Swap and forward contracts (528,750) 576,375 - - - 47,625

Net FCY Exposure 367,427 4,417 (7,575)
Effect of naira depreciation by 10% on 36,743 442 (758) - 36,427

profit before tax
Effect of naira appreciation by 10% on profit (36,743) (442) 758 - (36,427)
before tax


(d) Exchange rate exposure limits - Continued
Group
December 31, 2021
Cash and bank balances 1,004,215 317,073 100,756 9,738 387,001 1,818,784
Financial assets at FVTPL 7,984 - - - 5,112 13,096
Derivative assets 33,315 5 20 - - 33,340
Loans and advances to banks 14,017 119,879 9,748 444 9,810 153,897
Loans and advances to customers 1,198,791 903,476 44,900 681 532,818 2,680,667
Investment securities 1,581,449 128,520 1,180 - 1,624,481 3,335,630
Other assets 20,757 43,220 268 264 69,183 133,692
Non-Current Assets Held for Sale - 82,217 - - - 82,217
Total financial assets 3,860,528 1,594,390 156,872 11,127 2,628,406 8,251,323
Derivative liability - - - - 98 98
Deposits from banks - 475,827 57,031 155 121,199 654,211
Deposits from customers 3,192,210 1,089,133 81,378 12,081 1,994,387 6,369,189
Other liabilities 69,332 99,001 14,630 546 25,097 208,607
Borrowings 62,040 393,732 - - - 455,772
Total financial liabilities 3,323,583 2,057,693 153,039 12,782 2,140,781 7,687,877
Swap and forward contracts (506,500) 588,566 (56,968) (1,529) - 23,568
Net FCY Exposure 125,263 (53,135) (3,184)
Effect of naira depreciation by 10% on 12,526 (5,314) (318) - 6,894

profit before tax
Effect of naira appreciation by 10% on profit (12,526) 5,314 318 - (6,894)
before tax
Bank
December 31, 2022
Financial assets at FVTPL 14,963 - - - - 14,963
Derivative assets 39,830 - - - - 39,830
Loans and advances to banks 56,763 174,990 - - - 231,753
Loans and advances to customers 1,151,621 919,003 51,854 619 - 2,123,097
Investment securities 2,109,585 64,378 13,102 - - 2,187,065
Other assets 27,956 109,287 2,923 7,401 2,837 150,404
Total financial assets 4,509,654 2,242,905 129,955 11,692 7,877 6,902,083
Derivative liability 79 - - - - 79
Deposits from banks - 839,790 23,335 670 - 863,795
Deposits from customers 3,598,542 1,389,157 47,477 11,338 0 5,046,514
Borrowings 33,954 496,492 - - - 530,446
Total financial liabilities 3,843,286 2,752,966 145,644 12,197 7,877 6,761,970
Swap and forward contracts (528,750) 576,375 - - - 47,625

Net FCY Exposure 66,314 (15,689) (505) -
Effect of naira depreciation by 15% on 9,947 (2,353) (76) (0) 7,518

profit before tax
Effect of naira appreciation by 15% on profit (9,947) 2,353 76 0 (7,518)
before tax

Financial
Statements



December 31, 2021
Financial assets held for trading 7,984 - - - - 7,984
Derivative assets 33,315 5 20 - - 33,340
Loans and advances to banks 14,017 106,107 - - - 120,124
Loans and advances to customers 1,198,791 614,069 35,020 222 - 1,848,102
Investment securities 1,581,449 65,017 - - - 1,646,466
Other assets 20,757 35,911 246 33 4 56,951
Non-Current Assets Held for Sale - 82,217 - - - 82,217
Total financial assets 3,860,528 1,277,946 89,064 6,239 8,314 5,242,090
Derivative liability - 1 95 2 - 98
Deposits from banks - 468,342 14,679 89 - 483,110
Deposits from customers 3,192,210 760,864 40,556 10,676 - 4,004,306
Borrowings 62,040 393,732 - - - 455,772
Total financial liabilities 3,323,583 1,656,102 69,490 11,311 6,042 5,066,527
Swap and forward contracts (506,500) 588,566 (56,968) (1,529) - 23,568

Net FCY Exposure 210,410 19,574 (5,072) 2,272
Effect of naira depreciation by 15% on 31,561 (5,609) (990) 341 25,303

profit before tax
Effect of naira appreciation by 15% on profit (31,561) 5,609 990 (341) (25,303)
before tax

5. CAPITAL
The Bank maintains an actively managed capital base to cover risks inherent in the business and is meeting the capital
adequacy requirements of local banking supervisors. The Group’s lead regulator, the Central Bank of Nigeria (CBN) sets
and monitors capital requirements for the Bank. The parent company and individual banking operations are di-
rectly supervised by the Central Bank of Nigeria (CBN) and the respective regulatory authorities in the countries in
which the subsidiary banking operations are domiciled.
5.1 Capital management
The primary objectives of the Group’s capital management policy are to ensure that the Group complies with externally
imposed capital requirements and maintains strong credit ratings and healthy capital ratios in order to support its busi-
ness and to maximise shareholder value. The Group manages its capital structure and makes adjustments to it according
to changes in economic conditions and the risk of its activities. In order to maintain or adjust its capital structure, the
Bank may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital secu-
rities. Capital management is overseen by the Board of Directors who have overall responsibility for ensuring adequate
capital is maintained for the Group.
The Group has a process of ensuring adequate capital is maintained and this process includes:
• Capital planning
• Prudent portfolio management
• Capital adequacy stress testing
• Contingency Planning
The objective of the capital management process is to:

• Adequately assess impairment losses and impact on capital impairment;
• Meet CBN’s capital adequacy requirements
• Optimise the use and allocation of capital resources and align our target capital with our optimum capital structure
5.2 Regulatory capital
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders.
The group monitors regulatory capital using the capital adequacy ratio. This ratio is calculated as total regulatory capital
divided by risk weighted assets. Total regulatory capital and risk weighted assets are calculated as shown in the table
below.
The Central Bank of Nigeria sets and monitors capital requirements for the Bank. The parent company and individual
banking operations are directly supervised by the Central Bank of Nigeria and the respective regulatory authorities in the
countries in which the subsidiary banking operations are domiciled.
The Central Bank of Nigeria requires the Bank to maintain a prescribed ratio of total capital to total risk-weighted assets.
The Group’s regulatory capital is split into two tiers:
Tier 1 capital includes ordinary share capital, share premium, retained earnings, translation reserve and non-controlling
interests after deductions for goodwill and intangible assets, and other regulatory adjustments relating to items that are
included in equity but are treated differently for capital adequacy purposes.
Tier 2 capital includes qualifying subordinated liabilities and the element of the fair value reserve relating to unrealised
gains on financial instruments classified as FVOCI.
Various limits are applied to elements of the capital base. Elements of Tier 2 capital are limited to a maximum of one-third

Financial
Statements

5. CAPITAL - CONTINUED
5.2 Regulatory Capital - Continued
of Tier 1 capital, after making deductions of goodwill, deferred tax asset and other intangible assets but before deduc-
tions of investments.
Banking operations are categorised mainly as trading book or banking book, and risk-weighted assets are determined
according to specified requirements that seek to reflect the varying levels of risk attached to assets and off-balance sheet
exposures.
During the year, the Group’s strategy, which was unchanged, was to maintain a strong capital base so as to retain in-
vestor, creditor and market confidence and to sustain future development of the business. The impact of the level of
capital on shareholders’ return is also recognised and the Group recognises the need to maintain a balance between the
higher returns that might be possible with greater gearing and the advantages and security afforded by a sound capital
position.
Capital adequacy ratio is the quotient of the capital base of the Bank and the Bank’s risk weighted asset base. UBA Plc
operates under an international banking authorization with a minimum regulatory capital of N50 billion, with a mini-
mum capital requirements of 10.5percent as Common Equity Tier I (CET1) capital ratio, 11.25per cent as Tier I capital ratio,
15per cent as Total Capital Adequacy Ratio, additional 1per cent each as Capital Conversation Buffer (CCB1) and Higher
Loss Absorbency (HLA). The HLA is to be met fully with CET1 capital, while CCB1 to be met with Total Eligible Capital,
implying 12.5percent minimum CET1 and 17percent minimum Total Capital Adequacy Ratio, for banks designated as
Domestic Systemically Important Bank (DSIB), with international authorization. UBA has international authorization and
is also designated as Domestic Systemically Important Bank (DSIB).
Capital deficiency in subsidiaries
There is no capital deficiency in the subsidiaries of the Bank as of December 31, 2022 (Dec 2021: Nil). The Bank maintains
an active oversight on its subsidiaries through its representation on their respective Boards. On a periodic basis, the cap-
ital adequacy/solvency position of subsidiaries as per the applicable regulations, is reported to their respective Boards as
well as to the Board of the Bank.

5. CAPITAL
(f) Capital management
Regulatory capital - Continued
Group
Group
Bank
Bank
In millions of Nigeria naira Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Tier 1 capital
Ordinary share capital 17,100 17,100 17,100 17,100
Share premium 98,715 98,715 98,715 98,715
Retained earnings 429,533 335,843 191,418 124,536
Other reserves 41 200,624 177,362 132,377 112,322
Gross Tier 1 capital 745,972 629,020 439,610 352,673
Less:
Deferred tax on accumulated losses 41 13,296 2,852 2,797 1,773

Intangible assets 33,468 30,450 12,618 18,063
Tier 1 Capital After Regulatory Deduction 699,208 595,718 424,195 332,837
Investment in subsidiaries - - (72,997) (51,638)
Eligible Tier 1 Capital 699,208 595,718 351,198 281,199
Tier 2 capital
Fair value reserve for securities measured at FVOCI 41 88,680 106,517 91,318 107,223
Less: limit of tier 2 to tier 1 capital - - - -
Qualifying Tier 2 Capital Before Deductions 88,680 106,517 91,318 107,223
Less: Investment in subsidiaries - - (72,997) (51,638)
Net Tier 2 Capital 88,680 106,517 18,322 55,585
Qualifying capital
Net Tier I regulatory capital 699,208 595,718 351,198 281,199
Net Tier II regulatory capital 88,680 106,517 18,322 55,585
Total qualifying capital 787,888 702,235 369,520 336,784
Composition of risk-weighted assets:
Risk-weighted amount for credit risk 1,988,253 1,957,050 1,214,787 1,111,074

Risk-weighted amount for operational risk 749,838 665,037 439,354 409,173
Risk-weighted amount for market risk 41,789 20,710 36,789 23,091
Total Risk-weighted assets 2,779,880 2,642,796 1,690,930 1,543,338
Capital ratios
Risk Weighted Capital Adequacy Ratio 28.3% 26.6% 21.9% 21.8%
5.3 Capital allocation

The allocation of capital between specific operations and activities is to a large extent, driven by optimisation of the
return achieved on the capital allocated. The amount of capital allocated to each operation or activity is based primarily
upon the regulatory capital but in some cases the regulatory requirements do not reflect fully the varying degree of risk
associated with different activities. In such cases the capital requirements may be flexed to reflect differing risk profiles,
subject to the overall level of capital to support a particular operation or activity not falling below the minimum required
for regulatory purposes.
Although maximisation of the return on risk-adjusted capital is the principal basis used in determining how capital is
allocated within the Group to particular operations or activities, it is not the sole basis used for decision making. Account
also is taken of synergies with other operations and activities, the availability of management and other resources, and
the fit of the activity with the Group’s longer term strategic objectives.

Financial
Statements

6. FAIR VALUE MEASUREMENT

Fair values of financial instruments
The fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market
prices or dealer price quotations. For all other financial instruments, the Group determines fair values using other valu-
ation techniques.
For financial instruments that trade infrequently and have little price transparency, fair value is less objective and requires
varying degrees of judgment depending on liquidity, concentration, uncertainty of market factors, pricing assumptions
and other risks affecting the specific instrument.
6.1 Valuation models
The Group measures fair values using the following fair value hierarchy, which reflects the significance of the inputs used
in making the measurements.
• Level 1: inputs that are quoted market prices (unadjusted) in active markets for identical instruments. The fair
value of financial instruments traded in active markets is based on quoted market prices at the balance
sheet date. A market is regarded as active if quoted prices are readily and regularly available from an ex-
change, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent
actual and regularly occurring market transactions on an arm’s length basis. The quoted market price
used for financial assets held by the Group is the current bid price. These instruments are included in
Level 1. Instruments included in Level 1 comprise primarily quoted equity and debt investments classi-
fied as trading securities or available for sale.
• Level 2: inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices)
or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted mar-
ket prices in active markets for similar instruments; quoted prices for identical or similar instruments
in markets that are considered less than active; or other valuation techniques in which all significant
inputs are directly or indirectly observable from market data. The fair value of financial instruments
that are not traded in an active market (for example, over-the-counter derivatives) is determined by
using valuation techniques. These valuation techniques maximize the use of observable market data
where it is available and rely as little as possible on entity specific estimates. If all significant inputs re-
quired to fair value an instrument are observable, the instrument is included in level 2. If one or more
of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Specific valuation techniques used to value financial instruments include:
• Quoted market prices or dealer quotes for similar instruments;

• The fair value of interest rate swaps is calculated as the present value of the estimated future cash
flows based on observable yield curves;
• The fair value of forward foreign exchange contracts is determined using forward exchange rates at
the balance sheet date, with the resulting value discounted back to present value;
• Other techniques, such as discounted cash flow analysis, are used to determine fair value for the
remaining financial instruments.
• Level 3: inputs that are unobservable. This category includes all instruments for which the valuation technique
includes inputs not based on observable data and the unobservable inputs have a significant effect on
the instrument’s valuation. This category includes instruments that are valued based on quoted prices
for similar instruments for which significant unobservable adjustments or assumptions are required to
reflect differences between the instruments.
Valuation techniques include net present value and discounted cash flow models, comparison with similar instruments
for which market observable prices exist, Black-Scholes and polynomial option pricing models and other valuation mod-
els. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads

6 FAIR VALUE MEASUREMENT - CONTINUED

6.1 Valuation models - Continued
and other premia used in estimating discount rate, bond and equity prices, foreign currency exchange rates, equity and
equity index prices and expected price volatilities and correlations.
The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be
received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the
measurement date.
The Group uses widely recognized valuation models for determining the fair value of common and more simple fi-
nancial instruments, such as interest rate and currency swaps that use only observable market data and require little
management judgment and estimation. Observable prices or model inputs are usually available in the market for listed
debt and equity securities, exchange-traded derivatives and simple over-the-counter derivatives such as interest rate
swaps. Availability of observable market prices and model inputs reduces the need for management judgment and
estimation and also reduces the uncertainty associated with determining fair values. Availability of observable market
prices and inputs varies depending on the products and markets and is prone to changes based on specific events and
general conditions in the financial markets. The Group’s valuation methodology for securities uses a discounted cash
flow methodology and dividend discount methodology. The methodologies are often used by market participants to
price similar securities.
For more complex instruments, the Group uses proprietary valuation models, which are usually developed from recog-
nized valuation models. Some or all of the significant inputs into these models may not be observable in the market,
and are derived from market prices or rates or are estimated based on assumptions. Valuation models that employ sig-
nificant unobservable inputs require a higher degree of management judgment and estimation in the determination of
fair value. Management judgment and estimation are usually required for selection of the appropriate valuation model
to be used, determination of expected future cash flows on the financial instrument being valued, determination of the
probability of counterparty default and prepayments and selection of appropriate discount rates.
Fair value estimates obtained from models are adjusted for any other factors such as liquidity risk or model uncertainties,
to the extent that the Group believes that a third party market participant would take them into account in pricing a
transaction. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk
of the Group entity and the counterparty where appropriate. For measuring derivatives that might change classification
from being an asset to a liability or vice versa such as interest rate swaps, fair values take into account both credit valu-
ation adjustment (CVA) and debit valuation adjustment (DVA) when market participants take this into consideration in
pricing the derivatives.
Model inputs and values are calibrated against historical data and published forecasts and where possible, against cur-
rent or recent observed transactions in different instruments and against broker quotes. This calibration process is
inherently subjective and it yields ranges of possible inputs and estimates of fair value, and management judgment is
required to select the most appropriate point in the range.
If the Group measures portfolios of financial assets and financial liabilities on the basis of net exposures to market risks,
then it applies judgment in determining appropriate portfolio-level adjustments such as bid-ask spreads and relevant
risk premiums.
6.2 Valuation framework
The Group has an established control framework with respect to the measurement of fair values. This framework in-
cludes an Investor Relations and Portfolio Investments Management Unit which is independent of front office manage-
ment and reports to the Group Chief Financial Officer, and which has overall responsibility for valuations. There is also the
Risk Measurement unit responsible for independent independently verifying the results of third party valuation. Specific
controls include:
• Verification of observable pricing;

Financial
Statements

6. FAIR VALUE MEASUREMENT

6.2 Valuation framework
• Re-performance of model valuations;

• A review and approval process for new models and changes to models involving both Product Control and Group
Market Risk;
• periodic calibration and back-testing of models against observed market transactions;
• Analysis and investigation of significant daily valuation movements; and
• Review of significant unobservable inputs, valuation adjustments and significant changes to the fair value mea-
surement of level 3 instruments compared with the previous month, by a committee of senior Product Control
and Group Market Risk personnel.
When third party information, such as broker quotes or pricing services, is used to measure fair value, the risk measure-
ment unit assesses and documents the evidence obtained from the third parties to support the conclusion that such
valuations meet the requirements of IFRS. This includes:
• Verifying that the broker or pricing service is approved by the Group for use in pricing the relevant type of financial
instrument;
• Understanding how the fair value has been arrived at and the extent to which it represents actual market trans-
actions;
• When prices for similar instruments are used to measure fair value, how these prices have been adjusted to reflect
the characteristics of the instrument subject to measurement; and
• If a number of quotes for the same financial instrument have been obtained, then how fair value has been deter-
mined using those quotes.
6.3 Financial instruments measured at fair value
The table below analyses financial instruments measured at fair value at the end of the reporting period, by the level
in the fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values
recognised in the statement of financial position. All fair value measurements are recurring.
Group:
December 31 2022
In millions of Nigerian Naira Note Level 1 Level 2 Level 3 Total

Assets
Financial assets at FVTPL 23
Government bonds - - - -
Promissory notes - -
Treasury bills - 14,963 - 14,963
Derivative assets measured at fair value through profit and loss: 33(a) - 39,830 - 39,830
Investment securities at FVOCI 26

Treasury bills - 1,379,678 - 1,379,678
Bonds - 637,970 - 637,970
Promissory notes - 26,984 - 26,984
Equity investments 3,447 - 145,174 148,621
Total assets 3,447 2,099,425 145,174 2,248,046
Liabilities
Financial liabilities at fair value through profit or loss
Derivative liability 33(b) - 79 - 79

6. FAIR VALUE MEASUREMENT - CONTINUED

Bank:
December 31, 2022

Assets
Promissory notes - - -
-
-
Investment securities at FVOCI 26 -
Treasury bills - 1,352,863 - 1,352,863
Bonds - 544,850 - 544,850
Promissory notes - 26,984 - 26,984
3,447 1,979,490 143,545 2,126,482
Liabilities
Financial liabilities at fair value through profit or loss
Group:
December 31, 2021

Assets
Government bonds - 2,713 - 2,713
Promissory notes - -
-
Investment securities at FVOCI 26 -
Treasury bills - 633,315 - 633,315
Bonds - 221,448 - 221,448
Total assets 5,001 901,199 134,027 1,040,227
Liabilities
Financial liabilities

Financial
Statements


Bank:
December 31, 2021

Assets
Promissory notes - - -
Investment securities at FVOCI 26

Treasury bills - 612,882 - 612,882
Bonds - 89,347 - 89,347
5,001 743,553 133,019 881,573
Liabilities
The following table presents the changes in level 3 instruments during the year. Level 3 instruments are all unquoted
equities.
Group Bank
Balance, beginning of year 134,027 123,756 133,019 122,819
Addition during the year 1 71 - -
Gain recognised in other comprehensive income (under 6,660 8,314 6,039 8,314
fair value gain on FVOCI)
Translation differences 4,487 1,886 4,487 1,886
Balance, end of year 145,174 134,027 143,545 133,019
(i) The fair value of the Group's equity investment in CSCS Limited was previously categorised as level 3 in the fair value
hierarchy. This was because the shares were not listed on an exchange and there were no recent observable arm's length
transactions in the shares. There were no transfers from level 2 to level 3 in 2022.
(ii) Level 2 fair value measurements

These prices are a reflection of the actual fair value of the investments, as transactions consummated under the OTC
trades were arms length transactions. The Group's Level 2 derivative contracts were valued using interest rate parity
method discounted to present value due to time value of money. Inputs to the valuation models are all based on market
conditions existing at the end of each reporting period. These derivative contracts are not traded in active markets.
(iii) Level 3 fair value measurements - Unobservable inputs used in measuring fair value
There was no change in the Group's valuation technique during the period.
The table below sets out information about significant unobservable inputs used as at 31 December 2021 in measuring
financial instruments categorised as Level 3 in the fair value hierarchy:


Range of esti-
"Fair value as at "Fair value Range of estimates
Type of mates for unob-
31 December as at Valuation Unobserv- for unobservable Relationship of unobserv-
financial servable inputs
2022 31 December technique able input inputs (31 Decem- able inputs to fair value
instrument (31 December
N'million" 2021 N'million" ber 2022)
2021)
Significant increases in cost
of equity, in isolation, would
Cost of equity 13.0% - 26.0% 12.7% - 17.5% result in lower fair values.
"Income
Significant reduction would
Unquoted Approach
result in higher fair values
equity 129,666 122,718 (Discounted
Significant increases in termi-
securities cash flow
nal growth rate, in isolation,
method)" Terminal
2.7% - 5.2% 1.7%-2.4% would result in higher fair
growth rate
values. Significant reduction
would result in lower fair values
(iv) Level 3 fair value measurements - Unobservable inputs used in measuring fair value (continued)
Significant unobservable inputs are developed as follows:
Discounted cash flow

• The Group used the Capital Asset Pricing Model to determine the cost of equities for its various unquoted equities
which were fair valued at year end.
• The risk free rate was determined using the yield on 30-year US treasury bond (for unquoted securities denomi-
nated in USD) and longest tenured Federal Government of Nigeria bond (for unquoted securities denominated in
Nigerian naira).
• Equity risk premium was determined using market returns obtained from PricewaterhouseCoopers and KPMG in-
dustry surveys.
• Beta estimates were obtained from Damodaran Online.
Dividend discount model

• The Group used the build-up approach to determine cost of equities for its various unquoted equities which were
fair valued using dividend discount model at year end.
• The risk free rate was determined using the yield on the longest tenured sovereign bonds.
• The dividend growth rate was determined using the historical five years weighted average growth rate of dividends
paid by the respective entities
• Equity risk premium were obtained from Damodaran Online (with specific focus on emerging markets data), ad-
justed for size premium.
(v)
Level 3 fair value measurements - Effect of unobservable inputs on fair value measurement

The Group believes that its estimates of fair values are appropriate. However, the use of different methodologies or as-
sumptions could lead to different measurements of fair value. For fair value measurements in Level 3, changing the cost
of equity or terminal growth rate by a reasonable possible value, in isolation, would have the following effects on other
comprehensive income for the period:


Financial
Statements



Key Assumption Effect on other comprehensive income (OCI)
Dec. 2022 Dec. 2021
5% Increase 5% Decrease 5% Increase 5% Decrease
Cost of Equity (5,530) 6,139 (6,290) 6,976
Terminal Growth Rate 103 (100) 207 (207)

6.4 Financial instruments not measured at fair value
The table below sets out the fair values of financial instruments not carried at fair value and analyses them by the level
in the fair value hierarchy into which each fair value measurement is categorised.

Group Total fair Carrying
Level 1 Level 2 Level 3 value amount
December 31, 2022
Assets
Cash and bank balances - - 2,553,629 2,553,629 2,553,629
Assets under management 12,923 12,923 12,923
Loans and advances to banks - - 303,249 303,249 303,249
-Individual
Term loans - - 267,384 267,384 267,384
Overdrafts - - 15,468 15,468 15,468
-Corporate
Term loans - - 2,039,303 2,039,303 2,039,303
Overdrafts - - 803,833 803,833 803,833
Others - 11,009 11,009 10,891
Investment Securities - Amortised cost
Treasury bills - 1,006,960 - 1,006,960 1,006,960
Bonds - 999,345 - 999,345 999,345
Other assets - 220,524 220,524 220,524
Liabilities
Deposits from banks - 1,170,238 1,170,238 1,170,238
Deposits from customers - - 7,824,892 7,824,892 7,824,892
Other liabilities - - 375,887 375,887 375,887
Borrowings - - 705,354 705,354 535,735
December 31, 2021

Assets
-Individual
Term loans - - 186,449 186,449 181,408
Overdrafts - - 41,874 41,874 37,555
-Corporate
Term loans - - 2,092,738 2,092,738 2,072,966
Overdrafts - - 399,962 399,962 388,617
Others - 121 121 120
Treasury bills - 1,548,008 - 1,548,008 1,555,787
Bonds - 789,408 - 789,408 787,832
Other assets - 122,488 122,488 122,488
Liabilities
Deposits from banks - 654,211 654,211 654,211
Other liabilities - - 208,607 208,607 208,607
Borrowings - - 522,894 522,894 455,772

Financial
Statements

6.4 Financial instruments not measured at fair value
Bank Total fair Carrying

Level 1 Level 2 Level 3 value amount
December 31, 2022
Assets
Assets under management 12,923 12,923 12,923
Loans and advances to customers -
-Individual
Term loans - - 199,405 199,405 199,405
Overdrafts - - 16,332 16,332 16,332
-Corporate
Term loans - - 1,300,781 1,300,781 1,300,781
Overdrafts - - 606,580 606,580 606,580
Others - - - - -
Bonds - 118,520 - 118,520 118,520
Other assets - 145,950 145,950 145,950
Liabilities
Deposits from banks - - 863,795 863,795 863,795
Other liabilities - 321,136 - 321,136 321,136
Borrowings - - 567,024 567,024 530,446
December 31, 2021

Assets
Loans and advances to customers -
-Individual
Term loans - - 116,536 116,536 113,385
Overdrafts - - 40,873 40,873 36,658
-Corporate
Term loans - - 1,473,073 1,473,073 1,459,156
Overdrafts - - 245,753 245,753 238,782
Others - - 120 120 119
Bonds - 151,591 - 151,591 151,591
Other assets - 73,564 73,564 73,564
Liabilities
Deposits from banks - - 483,110 483,110 483,110
Other liabilities - 123,241 - 123,241 123,241
Borrowings - - 522,895 522,895 455,772

6.4 Financial instruments not measured at fair value - Continued
Below are the methodologies and assumptions used to determine fair values for the above financial instruments which
are not recorded and measured at fair value in the Group’s financial statements. These fair values were calculated for
disclosure purposes only.
i Cash and bank balances

The carrying amount of cash and cash equivalents is a reasonable approximation of fair value.
ii Loans and advances

Loans and advances are net of charges for impairment. To improve the accuracy of the valuation estimate for loans, ho-
mogenous loans are grouped into portfolios with similar characteristics. The estimated fair value of loans and advances
represents the discounted amount of estimated future cash flows expected to be received. Expected cash flows are
discounted at current market rates to determine fair value.
iii Investment securities

The fair value is based on market prices from financial market dealer price quotations. Where this information is not
available, fair value is estimated using quoted market prices for securities with similar credit, maturity and yield charac-
teristics.
iv Other assets
The bulk of these financial assets have short (less than 3months) maturities and their amounts are a reasonable approx-
imation of fair value.
v Deposits from banks and customers

The estimated fair value of deposits with no stated maturity, which includes non-interest bearing deposits, is the amount
repayable on demand. The estimated fair value of fixed interest-bearing deposits not quoted in an active market is
based on discounted cash flows using interest rates for new debts with similar remaining maturity.
vi Other liabilities
The carrying amount of financial liabilities in other liabilities is a reasonable approximation of fair value.
vii Interest bearing loans and borrowings

The estimated fair value of fixed interest-bearing borrowings not quoted in an active market is based on discounted cash
flows using the contractual interest rates for these debts over their remaining maturity.
7. OFFSETTING OF FINANCIAL INSTRUMENTS

Financial assets and liabilities are offset and the net amount reported in the statement of financial position where the
Group currently has a legally enforceable right to set-off the recognized amounts and there is an intention to settle on
a net basis or realize the asset and settle the liability simultaneously. In the normal course of business, the Group may
enter into various master netting agreements or other similar arrangements that do not meet the criteria for offsetting
in the statement of financial position but still allow for the related amounts to be set off in certain circumstances.
The following table presents the recognized financial instruments that are offset, or subject to enforceable master net-
ting arrangements or other similar agreements but not offset, as at the reporting date, and shows in the "Net" column
what the impact would be on the Group's statement of financial position if all set off rights were exercised.

Financial
Statements

7. OFFSETTING OF FINANCIAL INSTRUMENTS - CONTINUED
Group
31 December 2022 Amounts offset
Gross Gross amounts Net amounts
In millions of Nigerian Naira amounts offset presented
Financial assets
- Electronic payments receivable (note 27) (a) 173,452 (36,791) 136,661
- Creditors and payables (note 36) (a) 291,676 (36,791) 254,885
Group
Financial assets
- Creditors (note 36) (a) 416,022 (297,596) 118,426
Bank
Financial assets
- Creditors (note 36) (a) 247,773 (11,176) 236,597
Bank
Financial assets
- Creditors (note 36) (a) 320,469 (264,474) 55,995
(a) Standard terms of electronic banking and similar payment transactions allow for net settlement of payments in the
normal course of business.

8. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of the Group’s financial statements requires management to make judgements, estimates and assump-
tions that affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, as
well as the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods. In the process of applying the Group’s accounting pol-
icies, management has made the following judgements and assumptions concerning the future and other key sources
of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carry-
ing amounts of assets and liabilities. Existing circumstances and assumptions about future developments may change
due to circumstances beyond the Group’s control and are reflected in the assumptions if and when they occur. Items
with the most significant effect on the amounts recognised in the financial statements with substantial management
judgement and/or estimates are collated below.
These disclosures supplement the commentary on financial risk management (see note 4).
(a) Key sources of estimation uncertainty
(i) Measurement of the expected credit loss allowance
The measurement of the expected credit loss(ECL) allowance for financial assets measured at amortised cost and FVOCI
is an area that requires the use of complex models and significant assumptions about future economic conditions and
credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses). Details of the inputs, assumptions
and estimation methodologies used in measuring ECL are described in note 3.27.
A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such
as:
• Determining criteria for significant increase in credit risk;
• Choosing appropriate models and assumptions for the measurement of ECL;
• Establishing the number and relative weightings of forward-looking scenarios for each type of product/market
and associated ECL; and
• Establishing groups of financial assets for the purposes of measuring ECL.
Detailed information about the judgements and estimates made by the Group in the above areas is set out in note
3.27.
(ii) Determining fair values
The determination of fair value for financial assets and liabilities for which there is no observable market price requires
the use of techniques as described in accounting policy 3.11. Further disclosures on the Group's valuation methodology
have been made on note 6.1. For financial instruments that trade infrequently and have little price transparency, fair
value is less objective, and requires varying degrees of judgment depending on liquidity, concentration, uncertainty of
market factors, pricing assumptions and other risks affecting the specific instrument.
(iii) Deferred tax assets
Deferred tax assets are recognised for deductible temporary differences, unused tax losses and unused tax credits to
the extent that it is probable that taxable profit will be available against which the losses can be utilised. Management
judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing
and level of future taxable profits, together with future tax planning strategies. In determining the timing and level of
future taxable profits together with future tax planning strategies, the Group assessed the probability of expected future

Financial
Statements

8. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS - CONTINUED
taxable profits based on expected revenues for the next five years. Details of the Group's recognised and unrecognised
deferred tax assets and liabilities are as disclosed in note 32.
(iv) Valuation of derivative contracts
The fair value of the Group's derivatives is determined by using valuation techniques. Inputs to the valuation models
are all based on market conditions existing at the end of each reporting period. The Group has used interest rate parity
method discounted for passage of time in the valuation of its foreign exchange derivative contracts. These derivative
contracts are not traded in active markets.
The table below shows the fair value of the Group's derivatives if there is 5% change in interest rates or a 15% change in
foreign currency exchange rates.
Interest rates Exchange rates
In millions of Nigerian Naira 5% decrease 5% increase 5% decrease 5% increase
Derivative assets (11,436) 11,436 (28,336) 28,336
Derivative liabilities 36 (36) 1,063 (1,063)
(b) Critical accounting judgments in applying the Group’s accounting policies
Critical accounting judgments made in applying the Group’s accounting policies include:
(i) Fair value of equity instruments
The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction in the principal (or most advantageous) market at the measurement date under current market
conditions (i.e., an exit price) regardless of whether that price is directly observable or estimated using another valuation
technique. When the fair values of financial assets and financial liabilities recorded in the statement of financial position
cannot be derived from active markets, they are determined using a variety of valuation techniques that include the
use of valuation models. The inputs to these models are taken from observable markets where possible, but where this
is not feasible, estimation is required in establishing fair values. Judgements and estimates include considerations of
liquidity and model inputs related to items such as credit risk (both own and counterparty), funding value adjustments,
correlation and volatility. For further details about determination of fair value please see the Group’s accounting policy
on valuation of financial instruments in note 6.
(ii) Allowance for credit losses
In estimating credit losses, the Group considers the credit worthiness and financial capacity of the obligor, the probabil-
ity that an obligor or counterparty will default over a given period (probability of default -PD) , the portion of the loan
expected to be irrecoverable at the time of loan default (loss given default - LGD) and Exposure at Default (EAD). The ta-
ble below shows the sensitivities of the impairment loss provision for 1% increase or decrease in the LGD and PD.
December 31, 2022 December 31, 2021

Probability of Loss Given Probability of Loss Given
In millions of Nigerian Naira Default -PD Default-LGD Default -PD Default-LGD
Increase/decrease
1% increase 747 952 577 647
1% decrease (747) (952) (577) (647)

8. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS - CONTINUED
(iii) Impairment testing for cash-generating units containing goodwill
On an annual basis, the Group carries out impairment assessments of its cash generating units containing goodwill.
The recoverable amounts of the cash-generating units (CGU) are determined based on value-in-use calculations which
require the use of estimates including discount rates and terminal growth rates. Management's estimates of the recov-
erable amounts of these CGU's is sensitive to these estimates. The key assumptions underlying the recoverable amounts
as well as sensitivity analysis of these key assumptions are disclosed in note 31.
(iv) Determination of exchange rate used for translation
The Group translates and records its foreign currency transactions and balances based on the exchange rate at which
the future cash flows represented by the transactions or balances could have been settled, if those cash flows had oc-
curred at the reporting date. The Nigerian Autonomous Foreign Exchange Fixing (NAFEX) (FMDQ) rate has been used
for the translation of foreign currency balances as this remains the main source of foreign currencies for the Bank's
transactions.
(v) Determination of incremental borrowing rate used for discounting lease liabilities
The incremental borrowing rate is defined by IFRS 16 as the rate of interest that a lessee would have to pay to borrow,
over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the cost of the
right-of-use asset in a similar economic environment.
The effective borrowing rate used for discounting the future lease payments to present value was determined by using
the corresponding FGN Bond/Bill yields of similar maturity profiles with the outstanding lease terms in addition to the
Bank's risk premium based on the interest rate of the Bank's quoted subordinated series 3 notes. Hence, the bank applied
a single discount rate to a portfolio of leases with reasonably similar characteristics but matched with their relevant lease
terms.

Financial
Statements

9. OPERATING SEGMENTS
Segment information is presented in respect of the Group’s geographic segments which represents the primary seg-
ment reporting format and is based on the Group’s management and reporting structure. The Chief Operating Decision
Maker (Board of Directors), reviews the Group's performance along these business segments and resources are allocated
accordingly.
Geographical segments
The Group operates in the following geographical regions:

• Nigeria: This comprises UBA Plc (excluding the branch in New York) and UBA Pensions Custodian Limited.
• Rest of Africa: This comprises all subsidiaries in Africa, excluding Nigeria. The African subsidiaries have been ag-
gregated into one reportable segment as they are deemed to have similar economic characteristics.
• Rest of the world: This comprises UBA UK Limited and UBA New York branch. Although this part of the business
is not large enough to be presented as a separate reporting segment, it has been included here as it is seen as a
potential growth segment which is expected to materially contribute to group revenue in the future. The entities
within this reporting segment have been aggregated into one reportable segment as they have similar economic
characteristics.
Business segments
The Group's operations have been classified into the following business segments:
Corporate Banking - This business segment provides a broad range of financial solutions to multinationals, regional
companies, state-owned companies, non-governmental organisations, international and multinational organisations
and financial institutions.
Retail/ Commercial banking – This business segment has presence in all major cities in Nigeria and in nineteen other
countries across Africa where the Group has operations . It provides commercial banking products and services to the
middle and retail segments of the market.
Treasury and Financial Markets – This segment provides innovative financing and risk management solutions and
advisory services to the Group’s corporate and institutional customers. The segment is also responsible for formulation
and implementation of financial market products for the Group’s customers.
Unallocated Segment – This comprises assets that are held solely for the purpose of disposal. They are not utilized for
the Group's day to day operations.
No single external customer or group amounts to 10% or more of the Group's revenues.
The revenue from external parties reported to the Chief Operating Decision Maker is measured in a manner consistent
with that in the income statement.
Inter-segment transactions, balances, income and expenses on transactions between group companies are eliminated.
Profits and losses resulting from inter-segment transactions that are recognised in assets are also eliminated. Transfer
prices between operating segments are based on the Group's internal pricing framework.

9. OPERATING SEGMENTS - CONTINUED
(a) Geographical segments

(i) December 31, 2022
Rest of Rest of
In millions of Nigerian Naira Nigeria Eliminations Total
Africa the World
Total revenue1 543,748 327,029 48,219 (66,131) 852,864
-
Interest expenses (126,146) (64,286) (8,208) 20,976 (177,663)
Fee and commission expense (52,949) (27,995) - (1,632) (82,577)
Impairment loss recognised in income statement (7,550) (29,206) (4,664) - (41,968)
Operating expenses (222,984) (112,963) (13,966) - (350,091)
Share of gains in equity-accounted investee - - - 311 311
Profit before tax 134,119 92,578 21,381 (46,476) 200,876
Income tax expenses (10,055) (20,362) (255) 73 (30,599)
Profit for the year 124,064 72,216 21,126 (46,403) 170,277
31 December 2022
Loans and advances 1,973,457 1,084,312 510,007 (127,648) 3,440,128
Deposits from customers and banks 5,297,530 3,289,139 856,235 (447,775) 8,995,130
Total segment assets2 6,730,082 3,915,863 889,347 (677,721) 10,857,571

Total segment liabilities 6,160,351 3,421,231 864,272 (510,386) 9,935,467
1
Includes:
Recognised at a point in time 118,847 88,022 2,459 - 209,184
Recognised over time 776 562 - - 1,338
Total revenue within the scope of IFRS 15 119,623 88,584 2,459 - 210,522
2
Includes:
Expenditure for reportable segment:

Depreciation 14,494 6,538 283 22 21,338
Amortisation 3,527 930 424 - 4,881

Financial
Statements

9 OPERATING SEGMENTS - CONTINUED

(a) Geographical segments - Continued

December 31, 2021
*Restated *Restated
Rest of Rest of the
In millions of Nigerian Naira Nigeria Eliminations Total
Africa World
Total revenue1 372,779 275,497 23,912 (13,897) 658,291
-
Interest expenses (100,657) (56,504) (4,690) 4,300 (157,551)
Fee and commission expense (40,410) (17,335) - (1) (57,746)
Impairment loss recognised in income statement (9,069) (2,587) (1,206) (0) (12,863)
Operating expenses (165,366) (104,191) (9,429) 0 (278,986)
Share of gains in equity-accounted investee - 1,928 - - 1,928
Profit before tax 57,277 96,807 8,587 (9,597) 153,073
Income tax expenses (4,300) (30,096) - - (34,395)
Profit for the year 52,977 66,711 8,587 (9,597) 118,678
31 December 2021
Loans and advances 1,851,342 881,963 252,083 (150,824) 2,834,564
Deposits from customers and banks 4,220,848 2,761,409 472,536 (431,392) 7,023,400
Total segment assets2 5,305,657 3,312,971 501,645 (578,955) 8,541,318

Total segment liabilities 4,806,854 2,910,598 476,014 (456,954) 7,736,511
1
Includes:
Recognised at a point in time 81,136 74,436 1,751 (13) 157,310
Recognised over time 776 562 - - 1,338
Total revenue within the scope of IFRS 15 81,912 74,998 1,751 (13) 158,648
2
Includes:
Investments in associate and accounted for by using the
equity method
- 8,944 - - 8,944

Depreciation 12,052 5,909 455 - 18,417
Amortisation 3,390 627 267 - 4,283

9. OPERATING SEGMENTS - CONTINUED

(b) Business reporting

The following table presents income and profit and certain asset and liability information for the Group’s business segments:
December 31, 2022
Treasury and
Retail and Unallocated
In millions of Nigerian Naira Corporate financial Total
commercial Segment
markets
Revenue:
Derived revenue from external customers 298,693 392,005 162,166 - 852,864
Interest expenses (72,335) (62,959) (42,369) - (177,663)
Fee and commission expense (276) (80,363) (1,938) - (82,577)
Impairment loss recognised in income statement (44,968) (14,979) 17,979 - (41,968)
Depreciation and amortisation (5,457) (14,821) (5,940) - (26,218)
Share of profit of equity-accounted investee - 311 - - 311
Profit before income tax 108,246 36,107 56,522 - 200,876
Taxation (16,489) (5,500) (8,610) - (30,599)
Profit for the year 91,757 30,607 47,912 - 170,277
December 31, 2022

Loans and advances 1,934,759 1,159,887 345,482 - 3,440,128
Deposits from customers and banks 1,712,196 5,622,468 1,660,466 - 8,995,130
Total segment assets 3,723,173 4,223,938 2,814,867 95,593 10,857,571

Total segment liabilities 1,773,238 5,870,436 2,196,201 95,593 9,935,467
December 31, 2021

Treasury
Retail and Unallocated
In millions of Nigerian Naira Corporate and financial Total
commercial Segment
markets
Revenue:
Derived revenue from external customers 292,797 241,991 123,503 - 658,291
Interest expenses (69,935) (58,116) (29,499) - (157,551)

Fee and commission expense - (57,746) - - (57,746)
Impairment loss recognised in income statement (5,710) (4,745) (2,408) - (12,863)
Depreciation and amortisation (10,076) (8,373) (4,250) - (22,700)
Share of profit of equity-accounted investee - 1,928 - - 1,928

Profit before income tax 92,725 21,237 39,112 - 153,073
Taxation (20,835) (4,772) (8,788) - (34,395)
Profit for the year 71,890 16,465 30,323 - 118,678
31 December 2021
Loans and advances 1,861,071 931,260 42,233 - 2,834,564
Deposits from customers and banks 1,624,869 4,908,303 490,228 - 7,023,400
-
Total segment assets 5,544,947 2,774,632 125,831 95,909 8,541,318
Total segment liabilities 1,773,238 5,332,373 534,991 95,909 7,736,511

Financial
Statements

10. INTEREST INCOME

Group
Group Bank
Bank
Interest income on amortised cost and FVOCI securities

Cash and bank balances 18,415 12,721 21,619 12,641
Interest income on loans and advances to banks 35,700 20,727 2,007 1,822
Interest on loans to customers
- To individuals
Term loans 15,926 17,409 11,005 9,550
Overdrafts 5,758 6,354 3,790 3,838
- To corporates
Term loans 180,900 173,588 151,294 142,932
Overdrafts 57,748 47,874 47,820 37,939
Others 2,751 6,662 1,005 256
- Treasury bills 117,893 129,130 55,100 68,671
- Bonds 119,451 59,444 48,240 10,704
- Promissory notes 2,196 - 2,196 -
556,738 473,909 344,076 288,353
Interest income on financial assets at FVTPL
- Bonds 415 353 415 211
Total interest income 557,152 474,262 344,490 288,564
1.Interest income at amortized cost and fair value through OCI are calculated using the effective interest method.
2.Interest income includes accrued interest on impaired loans of N3.636billion for the Group (Bank: N3.015 billion) for the year ended 31 December
2022 and N4.522billion for the Group (Bank:4.237billion) for the year ended 31 December 2021.
11. INTEREST EXPENSE
Interest expense Group

Group Bank
Bank
Deposits from banks 11,209 20,301 10,673 6,016
Deposits from customers 130,312 104,039 85,667 62,838
Borrowings 34,881 32,543 30,287 32,543
Lease liabilities 1,261 668 558 252
177,663 157,551 127,185 101,649
Total interest expense at amortized cost are calculated using the effective interest method
12. IMPAIRMENT CHARGE FOR CREDIT LOSSES

Group
Group Bank
12a. Impairment charge for credit losses on Loans

Impairment charge for credit losses on loans and advances to customers:
- impairment for credit losses (Note 26(c)) 23,348 9,901 3,542 5,111
Allowance for credit losses on loans and advances to banks:
- allowance for credit losses/(reversal) ((Note 25) (1) 645 (439) 427
Write-off on loans and receivables 4,874 4,653 4,010 3,896
Recoveries in allowance for credit loss (8,550) (5,348) (1,444) (385)
19,671 9,851 5,669 9,049
12b. Net impairment charge on other financial assets

Impairment charge/(reversal) on investment securities (Note 27(a)) 17,979 784 1,978 371
Impairment charge on off-balance sheet items 1,232 3,520 1,273 1,216
Impairment charge /(reversal) on other assets (Note 28(a)) 3,086 (1,292) 1,645 (887)
22,297 3,012 4,896 700
Included in the N17.979 billion impairment charge on investment securities was N17.280 billion impairment loss attributable to Group’s exposure in
Ghana investment market, which significantly lost its value due to Domestic Debt Exchange Programme (DDEP) launched by the Government of Ghana
in December 5, 2022. DDEP was launched in response to Government of Ghana’s defaulting in servicing its debts when it suspended payments on most
of its external debts and to ensure debt sustainability aimed at securing $3b IMF economic support. See Note 49 for full details.

13. FEES AND COMMISSION INCOME

Group
Group Bank
Bank
Credit-related fees and commissions[1] 27,010 20,858 13,775 9,474
Commission on turnover 4,623 4,262 - -
Account maintenance fee 15,013 11,442 15,013 11,442
Electronic banking income[2] 78,946 64,595 45,811 38,144
Funds transfer fee 14,206 13,121 538 77
Trade transactions income [3] 37,526 19,502 27,692 10,482
Remittance fee 7,848 6,927 3,722 3,713
Commissions on transactional services 17,894 11,758 7,388 3,304
Pension funds custody fees 7,455 6,183 - -
210,521 158,648 113,939 76,636
[1] Credit related fees and commission income excludes amount included in determining effective interest rates on financial
assets carried at amortized cost. Credit related fees are taken over the life of the related facility, whilst transaction related fees are
earned when the service is rendered.
[2] Electronic banking income represents income taken on transactions processed via electronic channels such as ATM, POS,
mobile banking as well as credit and debit card transactions.
[3]Trade transactions income entails one-off charges as related to letter of credits and other trade businesses which are excluded
from those included in determining effective interest rates on those carried at amortized cost.
14. FEES AND COMMISSION EXPENSE

Group Bank
Fees and commission expense Group Bank
E-Banking expense 61,557 46,913 43,110 36,504

Trade related expenses 14,138 9,194 9,789 3,872
Funds transfer expense 6,882 639 1,728 1,034
82,557 57,746 54,627 40,410
15. NET TRADING AND FOREIGN EXCHANGE INCOME

Group Bank
Group Bank
Fixed income securities(i) 20,025 18,357 19,355 16,778

Foreign exchange trading income(ii) 39,873 19,457 23,076 6,068
Foreign currency revaluation gain/(loss) 5,743 (2,031) 4,253 (3,101)
Net fair value (loss) on derivatives (see note 33 (c)) 6,509 (19,398) 6,509 (19,398)
72,150 16,385 53,193 347
(i) This comprises gains and losses arising from trading and fair value changes.
(ii) Foreign exchange income comprises trading income on foreign currencies and gains and losses from revaluation of trading position.

16. OTHER OPERATING INCOME
Group
Group Bank
Bank
Dividend income (i) 4,042 3,352 51,859 12,660
Other Income (ii) 8,722 3,364 825 1,007
Rental income 255 288 249 287
Gain on disposal of property and equipment 21 1,992 - 1,992
13,040 8,996 52,933 15,946
(i) Dividend income of N51.859 billion for the Bank includes a sum of N48.321 billion (Dec 2021: N9.593 billion) being total dividend received
from the Bank’s subsidiaries. This amount has been eliminated in arriving at the Group’s dividend of N4.042 billion income from other equity
investments.
(ii) Included in the other income of the Banks is the sum of N286.28 million in relation to income earned from asset under management, and of
the Group the sum of N3.883bn being reameasurement gain from the initial 49% investment in UBA Zambia.

Financial
Statements

17. EMPLOYEE BENEFIT EXPENSES
Group
Group Bank
Bank
Wages and salaries (note 44) 107,001 86,544 56,203 41,937
Defined contribution plans 4,215 3,761 1,653 1,371
Termination Benefits 2,772 2,939 2,595 2,677
113,988 93,244 60,451 45,985
Included in the employee benefit expenses is the sum of N279.52million, which represents the amount set aside as Industrial Train-
ing Fund (ITF) contribution for FY2022 (Dec 2021:N281.87 million)

18. DEPRECIATION AND AMORTISATION

Group
Group Bank
Bank
Depreciation of property and equipment (note 30) 17,717 14,913 13,145 10,606
Depreciation of right-of-use assets (note 30) 3,620 3,504 1,406 1,673
Amortisation of intangible assets (note 31) 4,881 4,283 3,765 3,482
26,218 22,700 18,316 15,761
19. OTHER OPERATING EXPENSES
Group
Group Bank
Bank
Fuel, repairs and maintenance 29,657 29,321 26,278 14,472
Banking sector resolution cost 1 31,296 27,978 31,296 27,978
Contract services 34,733 19,756 25,871 14,421
Deposit insurance premium 17,545 15,906 15,178 13,491
Occupancy and premises maintenance costs 17,896 13,877 2,691 1,990
Advertising, promotions and branding 11,022 8,747 9,132 6,804
Printing, stationery and subscriptions 11,477 8,016 8,802 5,498
IT support and related expenses 9,318 8,133 8,736 7,675
Security and cash handling expenses 7,884 7,046 4,327 4,016
Business travels 9,884 5,181 8,389 4,196
Donations 1,337 1,405 1,244 1,384
Communication 11,419 7,107 5,733 2,805
Non-deposit insurance costs 3,200 2,481 1,298 908
Bank charges 6,329 4,194 1,050 230
Auditors' remuneration 1,225 1,088 352 320
Training and human capital development 3,907 1,768 1,109 450
Penalties 1,142 513 - 377
Loan recovery expenses 542 453 537 333
Directors' fees 72 72 72 72
209,885 163,042 152,095 107,420

1. Banking sector resolution cost represents Asset Management Corporation of Nigeria (AMCON) levy, which is applicable on total
balance sheet size of the Bank. The current applicable rate based on AMCON Act of 2015 is 0.5% of total assets plus total off balance
sheet asset.

20. TAXATION

Group
Group Bank
Bank
Recognised in the statement of comprehensive
income
(a) Current tax expense
Current period 30,599 34,497 7,621 1,850
(b) Deferred tax expense/(credit)

Origination and reversal of temporary differences (Note 32) - (102) - -
Total income tax expense 30,599 34,395 7,621 1,850
(c) Current income tax payable

Balance, beginning of period 21,415 9,982 2,751 1,478
Tax paid (31,733) (23,064) (2,045) (577)
Income tax charge 30,599 34,497 7,621 1,850
Balance, end of period 20,281 21,415 8,327 2,751

(d) Reconciliation of effective tax rate
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the tax rate applicable to profits of
the Bank (Parent). The reconciliation of amount reported as tax expense in the statement of comprehensive income to the income
tax using the domestic corporation tax rate is presented below:

Group
Group Bank
Bank
Domestic corporation tax rate 30% 30% 30% 30%
Income tax using the domestic corporation tax rate 60,263 45,922 42,395 18,156
Tax effects of :
Information Technology Levy (i) 1,399 599 1,399 599
Nigerian Police Trust Fund Levy (ii) 7 3 7 3
Education tax (iii) 1,415 92 1,415 92
NASENI Levy (iv) 353 152 353 152
National Fiscal Stabilization Levy (v) 829 - - -
Financial Sector Recovery Levy (vi) 829 - - -
Minimum tax/excess dividend tax adjustment 2,804 1,002 2,804 1,002
Prior Year under Provision of Current Tax 5,177 5,177 - -
Effect of Permanent differences - Income not subject to tax (295,373) (271,621) (53,384) (39,528)
Effect of Permanent differences - Expenses not deductible 252,897 253,069 12,632 21,374
30,599 34,395 7,621 1,850
Effective tax rate 15% 22% 5% 3%

Financial
Statements

20. TAXATION - CONTINUED
Companies Income Tax
The tax law is similar in most of the countries the Bank operates. The Companies Income Tax Act (CITA) in Nigeria requires companies
having more than N100 Million Naira turnover to pay income tax at the rate of 30% of their taxable profits. Where the company do not
have a taxable profit or where the income tax on the taxable profit is lower than the prescribed minimum tax, the minimum tax shall
apply. Minimum tax in Nigeria is assessed at the rate of 0.5% of the turnover.
Due to unutilized tax losses and unclaimed capital allowance, the UBA Plc has no taxable profit for the year ended 31 December 2022,
as a result, was assessed to minimum tax for the year under review. The minimum tax charge for the year was N2.82 billion.
i. Education Tax: Education tax is applicable to UBA Plc only and its imposed on Nigerian companies by the Tertiary Education Trust
Fund Act. The rate applicable to the financial statement is 2% of the assessable profit. The rate has been increased to 2.5% effective from
1 January 2022. The education tax charge for the year was N1.40 billion.
ii. Information Technology Levy: UBA Plc is also required to pay 1% of its profit before tax (PBT)as the National Information Technology
Development (NITD) levy. The levy is payable by specified companies in Nigeria with annual turnover of at least 100 million Naira. The
information technology levy charge for the year was N1.402 billion.
iii. Nigerian Police Trust Fund Levy: The Nigeria Police Trust Fund levy was introduced by the Nigeria Police Fund Trust Establishment
Act 2019 and is charged at the rate of 0.005% of the net profit of companies operating in Nigeria. The Nigerian Police Trust Fund Levy
for the year was N7.1million.
iv. National Agency for Science and Engineering Infrastructure (NASENI) levy: NASENI levy is imposed on Nigerian companies
by the National Agency for Science and Engineering Infrastructure Act. The rate of the levy is 0.25% of the profit before tax for specific
companies having more than 100million Naira turnover. The NASENI levy charge for the year was N354million.
v. National Fiscal Stabilization Levy: This levy is payable by certain companies in Ghana including Banks at a rate of 5% of profit before
tax under the National Fiscal Stabilization Levy Act 2013 (Act 862). The National Fixcal Stabilzation charge for the year was N829 million.
vi. Financial Sector Recovery Levy: This levy is payable by Banks in Ghana at a rate of 5% of profit before tax and it is payable quarterly.
The Financial Sector Recovery Levy charge for the yearwas N303million.


21. EARNINGS PER SHARE
The calculation of basic earnings per share as at 31 December 2022 was based on the profit attributable to ordinary shareholders of
the Parent of N165.449 billion (Bank: N133.695 billion) and the weighted average number of ordinary shares outstanding of 34.199
billion (Bank: 34.199 billion). The Bank had no dilutive instruments as at year end (December 2021 : nil). Hence the basic and diluted
earnings per share are equal.

Group
Group Bank
Bank
Profit attributable to equity holders of the parent 165,451 115,883 133,696 58,669
Weighted average number of ordinary shares outstanding 34,199 34,199 34,199 34,199
(in millions)
Basic and diluted earnings per share (Naira) 4.84 3.39 3.91 1.72

22. CASH AND BANK BALANCES

Group
Group Bank
Bank
Cash 127,738 126,078 51,124 50,997
Current balances with banks 652,007 420,361 559,134 272,073
Unrestricted balances with central banks 351,280 204,050 129,249 23,368
Money market placements 139,441 98,426 184,065 147,292
Restricted balances with central banks (note (i) below) 1,283,163 969,869 1,231,399 953,176
2,553,629 1,818,784 2,154,971 1,446,906
Current 2,553,629 1,818,784 2,154,971 1,446,906

2,553,629 1,818,784 2,154,971 1,446,906
(i) Restricted balances with central banks comprise:

In millions of Nigerian Naira Group Bank
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Mandatory reserve deposits with central banks (note (a) below) 1,255,811 915,151 1,204,047 898,458
Special Intervention Reserve (note (b) below) 27,352 54,718 27,352 54,718
Total 1,283,163 969,869 1,231,399 953,176

(a) This represents amounts held as cash reserve requirement with central banks of the countries in which the Bank and its subsidiaries
operate, and is not available for use in the Group’s day-to-day operations.

(b) This represents the Bank’s contribution to the Central Bank of Nigeria’s (CBN) Real Sector Support Facility (RSSF), warehoused in the
Special Intervention Reserve held with the CBN. The Real Sector Support Facility is to be channeled towards providing credit to pri-
ority sectors of the Nigerian economy.

(ii) Cash and cash equivalents for the purposes of the statements of cash flows include the following:
Group
Group Bank
Bank
Cash and current balances with banks 779,745 546,439 610,258 323,070
Unrestricted balances with central banks 351,280 204,050 129,249 23,368
Money market placements (less than 90 days) 129,507 35,421 80,929 46,733
Cash and cash equivalents 1,260,532 785,910 820,436 393,171


Financial
Statements

23. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Group
Group Bank
Bank
In millions of Nigerian Naira Dec. 2022 31 Dec. 21 Dec. 2022 31 Dec. 21
Government bonds - 2,713 - -
Treasury bills (above 90 days maturity). See note (i) below: 14,963 10,383 14,963 7,984
14,963 13,096 14,963 7,984
Non-Current 14,963 13,096 14,963 7,984

(i) This represents treasury bills measured at fair value through profit or loss, with maturity above three months from the date of pur-
chase. They have been excluded from cash and cash equivalents for the purpose of the statement of cash flows.
24. ASSETS UNDER MANAGEMENT
Group
Group Bank
Bank
Relating to unclaimed dividends:
Shortterm deposits - 6 months 10,877 - 10,877 -
Shortterm deposits - 6 months 2,046 - 2,046 -
12,923 - 12,923 -

(i)
The Bank entrusted the sum transferred to it by the Registrars in respect of unclaimed dividends with select Asset Managers who will
ensure safekeeping and manage the funds for the benefit of the Bank. The investments by the Asset Managers are as listed above
(the corresponding liability which is due to the Registrar is reported as “unclaimed dividend” in other liabilities).

25. LOANS AND ADVANCES TO BANKS

Group Bank
Gross amount 305,924 156,491 233,695 122,505
Less: Allowance for credit losses
Stage 1 loans (2,675) (2,594) (1,942) (2,381)
303,249 153,897 231,753 120,124
Current 303,249 153,897 231,753 120,124
Non-current - - - -
303,249 153,897 231,753 120,124
(a) Allowance for credit losses on loans and advances

to banks
December 31, 2022
Group
Allowance for credit loss
Stage 1 - Stage 2 - Stage 3 - Life-
In millions of Nigerian Naira 12-month ECL Lifetime ECL time ECL Total
Balance, beginning of year 2,594 - - 2,594

Charge/(writeback) for the year (1) - - (1)
Exchange difference 82 - - 82
Balance, end of year 2,675 - - 2,675
Bank
Stage 1 - Stage 2 - Stage 3 - Life-
In millions of Nigerian Naira 12-month ECL Lifetime ECL time ECL Total
Charge for the year (439) - - (439)

25. LOANS AND ADVANCES TO BANKS - CONTINUED
December 31, 2021

Group
Stage 1 - Stage 2 - Stage 3 -
In millions of Nigerian Naira 12-month ECL Lifetime ECL Lifetime ECL Total

Charge for the year 645 - - 645
Exchange difference (26) - - (26)
Bank

Stage 1 - Stage 2 - Life- Stage 3 - Life-
In millions of Nigerian Naira 12-month ECL time ECL time ECL Total

Charge for the year 427 - - 427
Exchange difference (8) - - (8)
26. LOANS AND ADVANCES TO CUSTOMERS

Group
Group Bank
Bank
Gross amount 3,219,715 2,777,083 2,174,779 1,913,403
Allowance for credit losses (82,836) (96,416) (51,682) (65,301)
3,136,879 2,680,667 2,123,097 1,848,102
Current 1,404,343 1,607,445 983,904 1,055,852

Non-current 1,732,536 947,530 1,139,193 756,684
3,136,879 2,680,667 2,123,097 1,848,102
(a) December 31, 2022

Loans and advances to customers Group
Group Bank
Bank
Gross amount 3,219,715 2,777,083 2,174,779 1,913,403
Allowance for credit losses:
- Impairment loss on Stage 1 loans (64,409) (55,811) (30,587) (38,026)
Total provision for credit losses (82,836) (96,416) (51,682) (65,301)
Carrying amount 3,136,879 2,680,667 2,123,097 1,848,102

Gross amount 305,108 243,956 165,139
Provision for credit losses:
- Impairment loss on Stage 1 loans (8,944) (6,754) (4,259)
- Impairment loss on Stage 2 loans (505) (251) (1,189)
- Impairment loss on Stage 3 loans (12,807) (17,987) (9,647)
Total provision for credit losses (22,256) (24,992) (15,095)
Carrying amount 282,852 218,964 150,044

Financial
Statements

26. LOANS AND ADVANCES TO CUSTOMERS - CONTINUED
Loans and advances to corporate entities and other organizations
Loans and advances to customers Group

Group Bank Bank
Gross amount 2,914,607 2,533,127 1,942,913 1,748,264
Provision for credit losses:
- Impairment loss on Stage 3 loans 6,137 (14,919) (6,791) (10,114)
Total provision for credit losses (60,580) (71,424) (35,553) (50,206)
Carrying amount 2,854,027 2,461,703 1,907,360 1,698,058
(b) December 31, 2021

Group
Stage 1 - Stage 2 - Stage 3 - Total Carrying
Loans and advances to individuals Gross amount 12-month ECL Lifetime ECL Lifetime ECL allowances amount
Overdrafts 28,001 (113) (25) (12,395) (12,533) 15,468
Term loans 277,107 (8,831) (480) (412) (9,723) 267,384
305,108 (8,944) (505) (12,807) (22,256) 282,852
Loans and advances to corporate

entities and other organizations
Overdrafts 826,988 (4,481) (224) (18,451) (23,155) 803,833
Term loans 2,076,607 (50,863) (11,028) 24,587 (37,305) 2,039,303
Others 11,012 (121) - - (121) 10,891
2,914,607 (55,465) (11,252) 6,137 (60,580) 2,854,028
Bank
Overdrafts 23,364 (113) (6) (6,913) (7,032) 16,332
Term loans 208,502 (4,629) (925) (3,544) (9,097) 199,405
231,866 (4,742) (931) (10,456) (16,129) 215,737

Overdrafts 614,234 (4,460) (217) (2,978) (7,655) 606,580
Term loans 1,328,679 (21,385) (2,699) (3,813) (27,898) 1,300,781
1,942,913 (25,845) (2,916) (6,791) (35,553) 1,907,361
December 31, 2021

Group
Loans and advances to individuals Gross amount Stage 1 - Stage 2 - Life- Stage 3 - Life- Total Carrying
12-month ECL time ECL time ECL allowances amount
Overdrafts 53,523 (475) (76) (15,416) (15,967) 37,555
Term loans 190,433 (6,279) (175) (2,571) (9,025) 181,408
243,956 (6,754) (251) (17,987) (24,992) 218,963

Overdrafts 406,447 (3,550) (1,077) (13,203) (17,830) 388,617
Term loans 2,126,559 (45,506) (6,371) (1,716) (53,593) 2,072,966
Others 121 (1) - - (1) 120
2,533,127 (49,057) (7,448) (14,920) (71,424) 2,461,703
Bank
Overdrafts 44,768 (430) (10) (7,669) (8,110) 36,658
Term loans 120,371 (3,828) (1,179) (1,978) (6,986) 113,385
165,139 (4,259) (1,189) (9,648) (15,095) 150,043

Overdrafts 244,749 (1,965) (124) (3,877) (5,966) 238,782
Term loans 1,503,395 (31,801) (6,201) (6,237) (44,239) 1,459,156
Others 121 (1) - - (1) 119
1,748,264 (33,767) (6,325) (10,114) (50,206) 1,698,057


(c) Allowance for credit losses on loans and advances to customers
December 31, 2022

(i) Group
Stage 1 - Stage 2 - Life- Stage 3 -
In millions of Nigerian Naira 12-month ECL time ECL Lifetime ECL Total
Impairment charge/(write back) in the year 10,131 3,168 10,839 24,137
Write offs - - (37,869) (37,869)
Transfer between stages 323 367 (689) -
Exchange difference (1,855) 523 1,485 153

Balance, beginning of year 6,754 251 17,987 24,992

Impairment charge/(write back) in the year 2,247 (512) 4,215 5,949
Write offs - - (10,322) (10,322)
Transfer between stages (164) 706 (541) -
Exchange difference 108 60 1,469 1,637
Balance, end of year 8,944 505 12,807 22,256
Loans and advances to corporate entities and other

organizations

Impairment charge/(write back) in the period 7,884 3,680 6,624 18,188
Write offs - - (27,547) (27,547)
Transfer between stages 487 (339) (148) -
Exchange difference (1,963) 463 16 (1,484)
Balance, end of year 55,465 11,252 (6,137) 60,580

Financial
Statements


(ii) Bank
Write offs - - (17,188) (17,188)
Transfer between stages (9,180) (2,707) 11,886 -

Impairment charge/(write back) in the year 657 122 940 1,719
Write offs - - (700) (700)
Transfer between stages (189) (380) 569 0
Exchange difference 15 15
Loans and advances to corporate entities and other

organizations
Impairment charge/(write back) in the year 1,057 (1,082) 1,848 1,823
Reversal in allowance for credit loss
Write offs - (16,488) (16,488)
Transfer between stages (8,991) (2,327) 11,317 -


December 31, 2021
Group
(iii) Allowance for credit losses on loans

and advances to customers

Impairment charge in the year 4,290 (4,591) 10,201 9,900
Write offs - - (27,543) (27,543)
Transfer between stages 2,230 88 (2,318) -
Write offs - - (877) (877)
Loans and advances to corporate entities

and other organizations
Impairment charge/(write back) in the year 2,303 (3,943) 6,624 4,984
Write offs - - (26,666) (26,666)
Transfer between stages 2,333 (339) (1,994) -
Exchange difference 598 463 16 1,077

Financial
Statements


December 31, 2021
(iv) Bank

Impairment charge in the year 2,946 (505) 2,670 5,111
Write offs - - (2,226) (2,226)
Transfer between stages 2,465 151 (2,616) -



Impairment charge/(write back) in the year 944 122 940 2,006
Write offs - - (877) (877)
Exchange Difference 82 - - 82
Loans and advances to corporate entities

and other organizations

Balance, beginning of period (IFRS 9) 29,186 7,279 11,973 48,438

Impairment charge in the year 2,002 (627) 1,730 3,105
Write offs - (1,349) (1,349)
Transfer between stages 2,567 (327) (2,240) -

27. INVESTMENT SECURITIES
Group
Group Bank
Bank
Investment securities at FVOCI comprise (see note (i)):
Treasury bills 1,379,678 633,315 1,352,863 612,882
Bonds 637,970 221,448 544,850 89,347
Equity investments 148,621 139,028 146,992 138,020
Promissory notes 26,984 - 26,984 -
2,193,253 993,791 2,071,689 840,249
Investment securities at amortised cost comprise (see note (i)):

Treasury bills 1,006,960 1,555,787 - 655,793
Bonds 999,345 787,832 118,520 151,591
Gross amount 2,006,305 2,343,619 118,520 807,384
Allowance for credit losses on FVOCI and amortised cost securities (18,867) (1,780) (3,144) (1,167)
Net carrying amount 1,987,438 2,341,839 115,376 806,217
Carrying amount 4,180,691 3,335,630 2,187,065 1,646,466
(a) Movement in allowance for credit losses

(Write back)/charge for the year 1,780 892 1,167 797
Charge for the year 17,979 784 1,978 371
Exchange difference (892) 104 (1) (1)
(i) Included in investment securities at FVOCI , amortised cost and FVTPL instruments are pledged financial assets which cannot be re-
pledged or resold by counterparties, and these securities are stated as follows:
Group
Group Bank
Bank
Treasury bills (at FVOCI) 178,216 177,029 178,216 177,029
Bonds (at amortised cost) 21,756 17,891 21,756 17,891
Total Pledged assets 199,972 194,920 199,972 194,920
(ii) Unquoted equity securities at FVOCI are analysed below:

Africa Finance Corporation 115,524 107,849 115,524 107,849
SMEEIS investment 15,507 12,574 15,507 12,574
Unified Payment Services Limited 5,646 6,337 5,646 6,337
Central Securities Clearing System limited 3,346 4,900 3,346 4,900
Nigeria Interbank Settlement System Plc. 2,898 2,429 2,898 2,429
African Export-Import Bank 2,305 2,261 2,305 2,261
FMDQ OTC Plc 1,201 1,206 1,201 1,206
Credit Reference Company 464 361 464 361
NG Clearing Limited 101 101 101 101
Others1 1,628 1,008 - -
148,621 139,026 146,992 138,020
1
This constitutes other unquoted equity investments (in enties such as GIM UEMOA, The Insurance and Reinsurance Company of the Gulf of
Guinea (ARGG) and others) held by various subsidiaries.

Financial
Statements

28. OTHER ASSETS
Group
Group Bank
Bank
In millions of Nigerian Naira Dec 2022 Dec 2021 Dec 2022 Dec 2021
Financial assets
Electronic payments receivables (d) 136,661 50,802 77,215 12,913
Accounts receivable 94,739 80,718 5,080 14,383
Intercompany receivables - - 26,403 19,237
Dividends receivable 2,568 703 41,706 10,418
Pension custody fees receivable 769 1,469 - -
Subscription for Investment in African Subsidiaries (c) - - 7,424 26,846
Allowance for impairment on accounts receivable (a) (14,213) (11,204) (11,878) (10,233)
220,524 122,488 145,950 73,564
Non-financial assets
Prepayments 6,881 15,739 5,204 9,093
Recoverable taxes 7,069 7,903 2,995 3,193
Stock of consumables 20,230 3,024 2,386 2,799
34,180 26,666 10,585 15,085
254,704 149,154 156,535 88,649
(a) Movement in impairment for other assets

At start of year 11,204 11,204 10,233 10,233
(Reversal) / Charge for the year (Note 12) 3,086 (1,292) 1,645 (887)
Exchange difference (77) 1,292 - 887
14,213 11,204 11,878 10,233
(b) Current 250,736 143,881 154,149 85,717

Non-current 3,968 5,273 2,386 2,932
254,704 149,154 156,535 88,649

(c) Subscription for investment relates to deposits for additional investment in few of our African Subsidiaries awaiting regulatory's
approval.
(d) The electronic payment receivables balance is presented on net basis in line with IAS 32. Details are provided in note 7 of this
financial statement.
29. INVESTMENT IN EQUITY-ACCOUNTED INVESTEE

On 01 March 2022, the Group increased its investment in UBA Zambia Limited from 49% to 84% for a cash consideration of N2.5bn
and a debt-equity conversion of N885million which is the sum owed by UBA Zambia to UBA Plc. These total consideration were paid
during the 2021 financial year and were reported as part of subscription for shares (other assets) in the prior period accounts. This
has been reclassified to investments in subsidiaries after control was gained during the current year.

The carrying amount of the investment prior to the date of control was N9.26bn while the fair value of the previously held equity
investment was N13.14bn. The difference between the carrying amount as at the date control was obtained and the fair value of the
previously held investment amounted to N3.88bn, this has been recognised in the profit or loss in line with the accounting policy of
the Group. Additional information on the investments in subsidiaries are disclosed in note 29.

29. INVESTMENT IN EQUITY-ACCOUNTED INVESTEE - CONTINUED

(a) Movement in investment in equity-accounted investee
Group
Group Bank
Balance, beginning of the year 8,945 4,504 2,715 2,715
Share of current period's result 311 1,928 - -
Share of foreign currency translation differences - 2,512 - -
Reclassification (9,256) - (2,715)
Balance, end of the year - 8,945 - 2,715
The table below sets out the shareholding structure of UBA Zambia Limited, before and after the additional investments by UBA
Plc:
Name Number Number of Old % Revised %
of shares shares (After) holding holding
(Before)
Union investments 47,829,330 67,710,705 51% 16%
United Bank for Africa Plc 45,953,668 348,289,291 49% 84%
Others 2 4 0% 0%
93,783,000 416,000,000 100% 100%
The table below shows the Group’s (49%) share of UBA Zambia’s profit at the date of control (01 March 2022).
Nmillions
Profit After tax at the date of control 634
Shareholding 49%
Share of profit 311
(b) Net inflow of cash and cash equivalent acquired from business combination
In millions of Nigerian Naira Group
Dec 2022
Consideration paid in cash (2,528)
Cash and cash equivalents acquired from business combina- 17,973
tion(see (i) below)
15,445
(i) Cash and cash equivalents acquired from business combination
Cash and Balances with Banks 17,110
Cash 862
17,973
(c) The table below sets out the Non-controlling interests in UBA Zambia as at the reporting period.
Non controlling interest at acquisition 3,152
Non controlling interest share of post acquisition retained 550
earnings
As at 31 Dec 2022 3,702

Financial
Statements

30. INVESTMENT IN SUBSIDIARIES

(a) Holding in Subsidiaries
"Year of acquisition/ Previous Non- controlling Bank Bank

In millions of Nigerian Naira Commencement" Holding Current Holding interests Country Industry Dec 2022 Dec 2021
Bank subsidiaries (see note

(i) below):
UBA Ghana Limited 2004 91% 91% 9% Ghana Banking 8,048 8,048
UBA Cameroun (SA) 2007 100% 100% 0% Cameroun Banking 1,845 1,845
UBA Cote d'Ivoire 2008 100% 100% 0% Cote d'Ivoire Banking 12,295 12,295
UBA Liberia Limited 2008 100% 100% 0% Liberia Banking 2,330 2,330
UBA (SL) Limited 2008 100% 100% 0% Sierra Leone Banking 1,269 1,269
UBA Uganda Limited 2008 69% 80% 20% Uganda Banking 10,668 3,705
UBA Burkina Faso 2008 64% 64% 36% Burkina Faso Banking 5,352 5,352
UBA Benin 2008 86% 86% 14% Benin Republic Banking 11,451 11,451
UBA Kenya Bank Limited 2009 81% 94% 6% Kenya Banking 15,272 3,744
UBA Chad (SA) 2009 89% 89% 11% Chad Banking 2,440 2,440
UBA Senegal (SA) 2009 86% 86% 14% Senegal Banking 2,400 2,400
UBA Tanzania Limited 2010 82% 82% 18% Tanzania Banking 4,332 4,332
UBA Gabon 2010 100% 100% 0% Gabon Banking 2,760 2,760
UBA Guinea (SA) 2010 100% 100% 0% Guinea Banking 2,237 1,475
UBA Congo DRC (SA) 2011 100% 100% 0% Congo DRC Banking 22,410 10,375
UBA Congo Brazzaville (SA) 2011 100% 100% 0% Congo Brazzaville Banking 3,024 3,024
UBA Mozambique (SA) 2011 96% 97% 3% Mozambique Banking 13,320 8,156
UBA Mali 2017 100% 100% 0% Mali Banking 6,300 6,300
UBA UK Limited (see (ii) below) 2012 100% 100% 0% United Kingdom Banking 9,974 9,974
UBA Zambia Limited (note 28) 2010 49% 84% 16% Zambia Banking 6,267 -
Non-Bank Subsidiaries:
UBA Pensions Custodian Limit- 2004 100% 0% Nigeria Pension 2,000 2,000
ed (see (iii) below) custody
145,993 103,275
The proportion of the voting rights in the subsidiary undertakings held directly by the parent company do not differ from the
proportion of ordinary shares held. The parent company does not have any shareholdings in the preference shares of subsidiary
undertakings included in the Group.
During the year, the Group gained controlling interests in UBA Zambia by increasing its shareholding from 49% to 84%. As a result of
this, UBA Zambia limited became a subsidairy of the Bank. Additional details are disclosed in notes 29 and 45 of the financial state-
ments.
(i) UBA Ghana, UBA Cameroon SA, UBA Cote d’ivoire, UBA Liberia, UBA Uganda, UBA Burkina Faso, UBA Chad SA, UBA Senegal SA,
UBA Benin, UBA Kenya, UBA Tanzania, UBA Gabon, UBA Guinea, UBA Sierra Leone, UBA Mozambique, UBA Congo DRC, UBA Mali,
UBA Congo Brazzaville and UBA Zambia are engaged in the business of banking and provide corporate, commercial, consumer and
international banking, trade services, cash management and treasury services.
(ii) UBA UK Limited is a UK bank regulated by the Prudential Regulation Authority and the Financial Conduct Authority and received its
banking licence in March 2018. Prior to gaining its bank status, the firm was authorised in the UK to undertake investment business
and was originally incorporated on September 25, 1995. The bank is primarily engaged in wholesale banking, with a focus on facili-
tating trade and treasury flows between Europe and Africa. The bank offers trade finance, corporate banking and treasury solutions
to corporate and institutional clients.
(iii) UBA Pensions Custodian Limited obtained an operating license on 20 February 2006 and commenced operations in Nigeria on 3
May 2006. It principally operates as a custodian of pension assets, to hold and deal in such assets as directed by the Pension Fund
Administrators and in line with regulations of the National Pension Commission in conformity with the Pensions Reforms Act 2004
and as amended in 2014.


30. INVESTMENT IN SUBSIDIARIES - CONTINUED
(a) Holding in subsidiaries - Continued

Significant restrictions:
There are no significant restrictions on the Group’s ability to access or use the assets and settle the liabilities of any member of the
Group to the extent that regulation does not inhibit the Group from having access, and in liquidation scenario, this restriction is
limited to its level of investment in the entity.

(b) Non-controlling interests

(i) The total non-controlling interests as at the year ended 31 December 2022 is N38.147 billion (2021: N28.633 billion) is attributed to
the following non-fully owned subsidiaries:

Dec 2022 Dec 2021
UBA Ghana Limited 5,859 7,200
UBA Burkina Faso 11,607 9,672
UBA Benin 3,328 3,203
UBA Uganda Limited 1,807 981
UBA Kenya Bank Limited 542 732
UBA Senegal (SA) 4,525 4,167
UBA Mozambique (SA) 570 370
UBA Chad (SA) 2,017 1,523
UBA Tanzania Limited 850 785
UBA Zambia 3,702 -
34,807 28,633
(ii) Set out below is summarised financial information for each subsidiary that has non-controlling interests as at 31 December 2022. The
amounts disclosed for each subsidiary are before inter-company eliminations.

UBA Ghana Limited UBA Burkina Faso UBA Benin UBA Zambia
In millions of Nigerian Naira Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021 Dec. 2022
Summarised statement of financial position
Cash and bank balances 99,747 71,476 32,372 37,569 34,363 52,037 30,089
Other financial assets 223,263 293,364 448,378 351,529 250,863 246,819 70,903
Non-financial assets 4,547 4,651 9,989 10,370 3,140 3,449 2,120
Total assets 327,556 369,491 490,739 399,468 288,366 302,306 103,113
Financial liabilities 259,510 285,067 450,219 367,771 259,950 273,837 82,674

Non-financial liabilities 4,574 6,417 8,510 5,023 3,943 4,917 1,907
Total liabilities 264,084 291,484 458,729 372,794 263,893 278,754 84,581
Net assets 63,472 78,007 32,010 26,674 24,473 23,552 18,532

Financial
Statements


Summarised financial information of subsidiaries with non-controlling interest - Continued
Summarized statement of comprehensive Dec. 2022 Dec. 2021 Dec. Dec. Dec. Dec. Dec. 2022
income 2022 2021 2022 2021
Operating Revenue 50,299 20,083 24,857 11,403 19,557 9,483 14,048
Profit for the year 2,583 5,806 7,607 2,499 3,602 2,313 3,435
Other comprehensive income - - - - - - -
Total comprehensive income 2,583 5,806 7,607 2,499 3,602 2,313 3,435
Total comprehensive income allocated to 238 536 2,758 907 490 374 550
non-controlling interest
Summarized cash flows
Cash flows (used in)/ from operating activities (16,145) 76,625 56,886 38,225 (17,713) 47,664 77,417
Cash flows(used in)/ from financing activities (17,116) (203) (2,271) (4,165) (2,680) (2,498) 16,782
Cash flows (used in)/ from investing activities 61,532 (71,046) (59,812) (33,459) 2,719 (31,784) (64,110)
Net (decrease)/increase in cash and cash 28,271 5,377 (5,197) 600 (17,675) 13,381 30,089
equivalents
UBA Uganda UBA Kenya Bank UBA Senegal

Limited Limited (SA)
In millions of Nigerian Naira Dec 2022 Dec 2021 Dec 2022 Dec 2021 Dec 2022 Dec 2021

Cash and bank balances 23,962 35,000 9,175 27,211 43,424 40,842
Other financial assets 44,292 28,506 49,433 21,809 290,708 219,140
Non-financial assets 2,987 3,707 2,272 6,128 17,336 13,070
Total assets 71,242 67,213 60,879 55,149 351,468 273,053
Financial liabilities 52,348 55,152 46,757 46,653 312,324 231,936

Non-financial liabilities 9,722 8,884 5,082 4,644 5,649 10,283
Total liabilities 62,069 64,036 51,839 51,297 317,974 242,219
Net assets 9,173 3,177 9,040 3,852 33,494 30,834
Summarized statement of comprehensive income Dec. Dec. Dec. Jun. 2021 Dec. 2022 Jun. 2021
2022 2021 2022
Operating Revenue 6,445 4,736 6,687 2,177 19,127 16,773
Profit/(loss) for the year (840) 974 (1,677) (365) 5,919 3,855
Total comprehensive income (840) 974 (1,677) (365) 5,919 3,855
Total comprehensive income allocated to non-controlling interest (165) 301 (101) (69) 800 521


Summarised financial information of subsidiaries with non-controlling interest - Continued
Cash flows (used in)/ from operating activities (12,474) 14,694 (23,251) (15,373) 87,671 44,285
Cash flows(used in)/ from financing activities 6,836 (325) 6,865 1,939 (3,259) (3,635)
Cash flows (used in)/ from investing activities (5,400) (5,564) (1,651) 25,952 (81,830) (4,263)
Net increase/(decrease) in cash and cash equivalents (11,038) 8,805 (18,037) 12,517 2,582 36,387

Financial
Statements


Summarised financial information for each subsidiary that has non-controlling interests - Continued

UBA Mozambique (SA) UBA Chad UBA Tanzania
In millions of Nigerian Naira Dec 2022 Dec 2021 Dec 2022 Dec 2021 Dec 2022 Dec 2021
Cash and bank balances 39,633 23,836 15,806 14,812 3,088 9,985
Other financial assets 31,329 22,644 132,291 122,569 23,426 17,859
Non-financial assets 2,390 972 3,311 2,387 7,728 4,235
Total assets 73,352 47,453 151,408 139,768 34,242 32,080
Financial liabilities 53,126 32,909 121,794 108,191 27,909 25,878

Non-financial liabilities 1,590 5,932 11,281 17,727 1,586 1,817
Total liabilities 54,716 38,841 133,075 125,918 29,496 27,695
Net assets 18,636 8,612 18,333 13,850 4,747 4,386
Summarized statement of comprehensive income Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Operating Revenue 8,950 4,411 14,838 11,420 4,566 3,842
(Loss)/Profit for the year 3,269 660 3,534 230 216 281
Other comprehensive income - - - - - -
Total comprehensive income 3,269 660 3,534 230 216 281
Total comprehensive income allocated to non-controlling 100 9 389 129 39 106

interest

Cash flows (used in)/ from operating activities 17,484 14,436 8,264 22,460 (2,511) (2,929)
Cash flows(used in)/ from financing activities 6,755 1,471 950 (342) 145 53
Cash flows (used in)/ from investing activities (8,442) (10,488) (8,220) (16,749) (4,531) (1,657)
Net increase/(decrease) in cash and cash equivalents 15,796 5,418 994 5,369 (6,897) (4,534)

31. PROPERTY AND EQUIPMENT
Group
Group Bank
Bank
Property and equipment 183,916 156,881 153,214 131,775
Right-of-use assets 24,123 21,236 10,627 9,806
Carrying amount 208,039 178,117 163,841 141,581
(a) Property and equipment

As at December 31, 2022
Group
Furniture
Leasehold Motor and Computer Equip- Work in
In millions of Nigerian Naira Land Buildings improvements Aircraft vehicles fittings hardware ment progress Total
Cost
Balance at 1 January 2022 35,625 42,624 23,600 24,192 16,728 20,637 61,917 58,515 18,055 301,894
Arising from business combina- - - 221 - 151 165 575 261 142 1,515
tion (See note 45)
Additions 241 12,156 3,791 - 5,267 2,163 3,328 3,916 9,501 40,364
Reclassifications 287 1,642 678 - 1,339 558 7,614 1,086 (13,203) -
Disposals - (225) (4) - (566) (673) (386) (993) (317) (3,166)
Transfers (iii) - - - - 2,865 - - - 2,351 5,216
Write-off - (33) (503) - (1,564) (30) (25) (45) (9) (2,208)
Exchange difference (note i) (19) 453 323 - 117 359 427 193 42 1,895
Accumulated depreciation
Balance at 1 January 2022 - 19,134 12,808 - 13,441 16,228 41,877 41,524 - 145,012
Arising from business com- - - 84 - 120 129 273 105 - 712
bination (See note 45)
Charge for the year - 967 1,309 1,153 1,569 1,194 7,262 4,263 - 17,717
Reclassifications - (6) 6 - - - (0) 0 - -
Disposals - (65) (4) - (556) (642) (385) (940) - (2,593)
Transfers (iii) - - - - 494 - - - - 494
Write-off - (8) (499) - (648) (27) (22) (29) - (1,234)
Exchange difference (note i) - 309 328 - 103 275 293 179 - 1,486
Balance at 31 December 2022 - 20,330 14,032 1,153 14,522 17,157 49,297 45,103 - 161,594
Carrying amounts
(i) Exchange differences arise from the translation of the property and equipment of the Group’s foreign operations.

(ii) There were no capitalised borrowing costs related to the acquisition of property and equipment during the year (December 2021: nil)
(iii) N2.865bn of the transfers for the year relate to some staff status vehicles transferred to items of property, plant and equipment during the year.

While N2.351bn relates to the capitalization of computer hardware from Intangible Assets work-in-progress. See note 31.

Financial
Statements

31 PROPERTY AND EQUIPMENT - CONTINUED
(a) Property and equipment - Continued

Group
Leasehold Motor Furniture and Computer Work in

In millions of Nigerian Naira Land Buildings improvements Aircraft vehicles fittings hardware Equipment progress Total
Cost
Additions 101 569 963 - 543 1,069 2,153 2,735 27,233 35,366
Reclassifications 376 906 3,733 24,192 104 196 1,149 1,433 (32,088) -
Disposals - (53) (11) (8,565) (286) (197) (124) (443) (425) (10,103)
Transfers - - - - - - - - (15) (15)
Write-off (6) (59) (19) 0 (119) (16) (6) (115) (6) (347)
Exchange difference 478 1,955 5,013 0 543 6,305 2,868 (3,569) (197) 13,396
Balance at 1 January 2021 - 15,467 8,575 2,778 12,100 10,651 34,135 38,607 - 122,313
Charge for the year - 1,086 994 408 728 1,372 5,932 4,393 - 14,913
Reclassifications - 1 (1) - - (0) 0 (0) - -
Disposals - - (31) (2,892) (262) (246) (167) (405) - (4,002)
Write-off - (17) (15) 0 (19) (11) (4) (50) - (116)
Exchange difference - 2,597 3,286 (295) 894 4,462 1,980 (1,021) - 11,905
Balance at 31 December 2021 - 19,134 12,808 - 13,441 16,228 41,877 41,524 145,013
Balance at 31 December 2021 - 19,134 12,808 - 13,441 16,228 41,877 41,524 - 145,013
Carrying amounts
(b) Right-of-use assets

December 31, 2022
Group
In millions of Nigerian Naira Land Buildings Total
Right-of-use assets
Balance - 1 January 2022 840 27,846 28,686
Arisising from Business Combination - 1,056 1,056
New lease contracts 21 10,042 10,063
Terminations of lease contracts - (6,047) (6,047)
Exchange difference - (610) (610)
Balance - 31 December 2022 861 32,287 33,148
Balance - 1 January 2022 144 7,306 7,450
Arising from Business Combination - 571 571
Depreciation charge for the year 59 3,561 3,620
Matured during the year - (2,316) (2,316)
Carrying amounts
Balance at 31 December 2022 658 23,465 24,123
Right of use assets represent the group’s leases, which have been accounted for in line with IFRS 16, as described under accounting policies in note
3.29
31. PROPERTY AND EQUIPMENT - CONTINUED
(b) Right-of-use assets - Continued

December 31, 2021
Group

Right-of-use assets
Balance - 1 January 2021 503 15,348 15,851
Balance - 1 January 2021 44 3,902 3,946
(c) As at December 31, 2022

Bank

Leasehold Motor Furniture Computer Work in

In millions of Nigerian Naira Land Buildings improvements Aircraft vehicles and fittings hardware Equipment progress Total
Cost
Additions 170 10,062 2,181 - 4,840 904 1,613 2,070 9,327 31,166
Reclassifications 287 1,642 429 - 1,211 393 7,420 808 (12,189) -
Disposals - - - - (513) (314) (351) (982) (317) (2,478)
Transfers (note iii) - - - 2,865 - - - 2,351 5,216
Write-off - (33) (454) - (1,564) (30) (25) (45) (2,150)
Exchange difference (note i) - - 36 - 4 19 110 5 - 175
Balance at 1 January 2022 - 10,366 2,015 - 8,762 7,273 33,834 35,571 - 97,821
Charge for the year - 455 115 1,153 1,152 566 6,058 3,646 - 13,145
Reclassifications - (6) 6 - - - (0) 0 - -
Disposals - - - - (503) (310) (348) (930) - (2,091)
Transfers (note iii) - - (453) - 494 - - - - 40
Write-off - (8) (0) - (648) (27) (22) (29) - (735)
Exchange difference (note i) - - 37 - 4 20 64 6 - 131
Balance at 31 December 2022 - 10,807 1,719 1,153 9,262 7,522 39,586 38,264 - 108,311
Carrying amounts
(i) Exchange differences arise from the translation of property and equipment of the UBA New York branch.
(ii) There were no capitalised borrowing costs related to the acquisition of property and equipment during the year (December 2021: nil)
(iii) N2.865bn of the transfers for the yearrelate to some staff status vehicles transferred to items of property, plant and equipment during
the year.
While N2.351bn relates to the capitalization of computer hardware from Intangible Assets work-in-progress. See note 31.


Financial
Statements

31 PROPERTY AND EQUIPMENT - CONTINUED
(d) December 31, 2021
Bank
Leasehold Motor Furniture Computer Equip- Work in

In millions of Nigerian Naira Land Buildings improvements Aircraft vehicles and fittings hardware ment progress Total
Cost
Additions 101 45 60 - 244 408 1,387 2,302 26,041 30,589
Reclassifications 376 906 89 24,192 22 138 1,027 1,176 (27,926) -
Disposals - - (1) (8,565) (120) (15) (79) (382) (204) (9,366)
Write-off (6) (59) (17) 0 (119) (14) (5) (115) - (335)
Exchange difference 23 - 3 12 69 3 290 402
Balance at 1 January 2020 - 9,942 1,867 2,483 8,537 6,730 28,862 32,253 - 90,674
Charge for the year - 440 143 408 350 557 5,000 3,708 - 10,606
Reclassifications - 1 (1) - - - 0 (0) - -
Disposals - - (1) (2,892) (109) (14) (78) (343) - (3,437)
Write-off - (17) (15) 0 (19) (11) (4) (50) - (116)
Exchange difference - 22 - 3 12 53 3 - 94
Balance at 31 December 2020 - 10,366 2,015 - 8,762 7,273 33,834 35,571 - 97,821
Carrying amounts
Exchange differences arise from the translation of the property and equipment of the UBA New York branch.


31. PROPERTY AND EQUIPMENT - CONTINUED

(e) Right-of-use assets (Continued)
December 31, 2022
Bank
Right-of-use assets
Balance - 1 January 2022 452 14,279 14,731
Terminations of lease contracts (234) (3,269) (3,503)
Balance - 1 January 2022 144 4,781 4,925
Matured during the year - (2,230) (2,230)
Carrying amounts
December 31, 2021

Bank

Right-of-use assets
Balance - 1 January 2021 166 8,889 9,055
Balance - 1 January 2021 44 3,208 3,252
Carrying amounts

Financial
Statements

32. INTANGIBLE ASSETS

(a) (i) As at December 31, 2022
Group

Goodwill Purchased Work in
In milliddons of Nigerian Naira software progress2 Total
Cost
Balance at 1 January 2022 11,131 37,481 7,227 55,839
Arising from business combination (See note 45) 3,132 1,502 - 4,634
- Customer relationships 2,841 - 2,841
- Core deposits 132 - 132
Additions - 2,084 1,324 3,408
Reclassifications - 3,252 (3,252) -
Disposal - (688) (106) (794)
Transfers see (i) below - - (2,351) (2,351)
Exchange difference 566 (473) (6) 87
Balance at 31 December 2022 14,830 46,131 2,835 63,796
Amortization
Balance at 1 January 2022 - 25,389 - 25,389
Arising from business combination (See note 45) - 297 - 297
Amortisation for the year - 4,584 - 4,584
Disposal - (86) - (86)
Exchange difference - 144 - 144
Balance at 31 December 2022 - 30,328 - 30,328
Carrying amounts
a) During the period, UBA Zambia became a subsidiary and a post audit of acuired net asset (purchase price allocation) was carried
out to determine the fair values of the identifiable net assets of the company. This exercise led to recognition of goodwill which
represents the difference between the purchase consideration and fair market values of net assets and non-controlling interest. See
note 45
i) ‘Transfer of N2.351bn relates to the transfer from Intangible assets work-in-progress to computer hardware (Property, Plant and
Equipment) during the period. See note 30.
(ii) December 31, 2021
Group
Goodwill Purchased Work in

In millions of Nigerian Naira software progress2 Total
Cost
Balance at 1 January 2021 10,718 35,926 3,614 50,258
Additions - 465 4,901 5,366
Reclassifications - 1,176 (1,176) -
Disposal - (52) (9) (61)
Exchange difference 413 (34) (104) 275
Amortization
Balance at 1 January 2021 - 21,358 - 21,358
Amortisation for the year - 4,283 - 4,283
Exchange difference - (197) - (197)
Balance at 31 December 2021 - 25,389 - 25,389
Carrying amounts

32. INTANGIBLE ASSETS - CONTINUED

(b) (i) Bank

Purchased Work in
In millions of Nigerian Naira software progress2 Total
Cost
Balance at 1 January 2022 29,728 7,414 37,142
Additions 631 111 742
Reclassifications 3,027 (3,027) -
Disposal - (106) (106)
Transfers1 - (2,351) (2,351)
Write-off (21) - (21)
Exchange difference 65 - 65
Balance at 31 December 2022 33,430 2,041 35,471
Amortization
Balance at 1 January 2022 19,079 - 19,079
Amortisation for the year 3,765 - 3,765
Write-off (21) - (21)
Balance at 31 December 2022 22,853 - 22,853
Carrying amounts
(i) Transfer of N2.351bn relates to the transfer from Intangible assets work-in-progress to computer hardware (Property, Plant and
Equipment) during the period. See note 30.
(ii) Bank
December 31, 2021
Purchased Work in
In millions of Nigerian Naira software progress 2 Total
Cost
Balance at 1 January 2021 28,442 3,430 31,872
Additions 137 5,160 5,296
Reclassifications 1,167 (1,167) -
Disposal (52) (9) (61)
Amortization
Balance at 1 January 2021 15,635 - 15,635
Amortisation for the year 3,482 - 3,482
Disposal (52) - (52)
Balance at 31 December 2021 19,079 - 19,079
Carrying amounts
There were no capitalised borrowing costs related to the internal development of software during the period (December 2021: nil). Computer
software has a definite useful life of not more than five years while goodwill has an indefinite useful life and is annually assessed for impairment.
1
Transfers represents reclassification of items from property and equipment (work in progress) to intangible assets - purchased software (work
in progress) during the period as disclosed in Note 30.
2
Work in progress represents software implementation projects that were currently in their development phase as at reporting date.

Financial
Statements

( c) Impairment testing for cash-generating units containing Goodwill
For the purpose of impairment testing, goodwill acquired through business combinations is allocated to cash generating units
(CGUs) as the goodwill is monitored at the level of the individual cash generating units. UBA Benin and UBA UK Limited have
been identified as individual cash generating units. UBA Benin and UBA UK Limited operate under Rest of Africa and Rest of the
World geographic segments respectively. The recoverable amounts of the CGUs have been determined based on value-in-use
calculations; using cash flow projections based on financial forecasts covering a period of five years. Cash flows beyond the five-year
period are extrapolated using estimated economic growth rates for the respective CGUs. These growth rates are consistent with
forecasts included in industry reports specific to the economic environment in which each of the CGU's operates.
The following table sets out the key assumptions used in the value-in-use calculations:
UBA Benin UBA UK Limited

Gross earnings ( % annual growth rate) 17.7 16.4 7.3 10.2
Deposits (% annual growth rate) 6.6 6.2 7.4 32.0
Loans and advances (% annual growth rate) 10.0 10.0 8.1 9.0
Operating expenses (% annual growth rate) 5.1 3.0 2.1 2.0
Terminal growth rate (%) 6.0 1.2 4.2 3.3
Discount rate (pre-tax) (%) 18.8 13.0 7.9 4.8
The values assigned to each of the above key assumptions were determined as follows:

Assumption Approach used in determining values
This is the average annual growth rate over the five-year period. Based on past performance,
Gross earnings expectations of market development and the expected positive impact of deposits and loan growth
in the forecast period.
This is the average annual growth rate over the five-year period. Deposits have been determined to be
Deposits the key value driver for the CGUs. Projected deposits growth is based on past performance of the CGUs
as well as management's plans to expand the businesses and deepen customer base.
This is the average annual growth rate over the five year period. It is based partly on past performance
Loans and advances
but largely on the expected positive impact of the forecasted growth in deposits.
This is the average annual growth rate over the five year period. It is based on the current structure of
Operating expenses business of the respective CGUs, adjusting for expected inflationary increases but not reflecting any
future restructurings or cost saving measures.
This is the average growth rate used to extrapolate cash flows beyond the five-year period. Based on
Terminal growth rate
estimated economic growth rates for the respective CGUs.
The discount rate was a pre-tax measure based on the longest tenured government bond issued by
Discount rate the governments of Benin and United Kingdom respectively adjusted for a risk premium to reflect both
the increased risk of investing in equities and generally and the systematic risk of the specific CGU.

Below is the result of the impairment test:

UBA Benin UBA UK Limited
Recoverable amount 46,859 61,258 97,125 58,253
Less: Carrying amount
Goodwill (6,300) (6,300) (4,626) (4,626)
Net assets (21,170) (23,552) (23,522) (16,749)
Total carrying amount (27,471) (29,852) (28,148) (21,374)
Excess of recoverable amount over carrying amount 19,388 31,406 68,977 36,879
The key assumptions described above may change as economic and market conditions change. The results of the value-in-use
calculations are most sensitive to changes in the deposit growth rates, terminal growth rates and discount rates applied. The
recoverable amounts of the respective CGUs would equal their carrying amounts if these key assumptions were to change as
follows:
Dec. 2022 Dec.2021
In millions of Nigerian Naira % From % To % From % To
UBA Benin
Deposit growth rate 4.2 2.6 6.2 3.5
Discount rate 17.0 33.8 13.0 28.5
UBA UK Limited
Deposit growth rate 8.7 7.3 32.0 32.1
Discount rate 7.0 11.7 4.8 7.2
Management have considered and assessed reasonably possible changes for other key assumptions and have not identified any
instances that could cause the carrying amount of the respective CGUs to exceed their recoverable amounts.
33. DEFERRED TAX ASSETS AND LIABILITIES
(a.) Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:

Group
Group Bank
Bank
Liabili-
In millions of Nigerian Naira Assets Liabilities Net Assets Net
ties
December 31, 2022
Property, equipment, and software 9,430 - 9,430 11,854 - 11,854
Allowances for loan losses - 82 (82) 8,428 - 8,428
Financial assets at FVOCI - - - 379 - 379
Tax losses carried forward 6,323 - 6,323 6,083 - 6,083
Other liabilities - 677 (677) - 168 (168)
Fair value gain on derivatives - - - - 2,115 (2,115)
Foreign currency revaluation gain - - - - 1,382 (1,382)
Others 7,850 200 7,650 - 1,217 (1,217)
Net deferred tax assets /liabilities 23,603 959 22,644 26,744 4,882 21,862

Financial
Statements

33. DEFERRED TAX ASSETS AND LIABILITIES - CONTINUED
Group Bank
In millions of Nigerian Naira Assets Liabilities Net Assets Liabilities Net
December 31, 2021
Property, equipment, and software 19,524 7 19,517 19,478 - 19,478
Allowances for loan losses 1,354 11 1,343 611 - 611
Financial assets at FVOCI - 13,475 (13,475) - 13,476 (13,476)
Tax losses carried forward 21,491 - 21,491 19,741 - 19,741
Other liabilities - 759 (759) - 757 (757)
Fair value gain on derivatives - 4,486 (4,486) - 4,486 (4,486)
Foreign currency revaluation Loss 751 - 751 751 - 751
Others 209 879 (669) - - -
Net deferred tax assets /liabilities 43,329 19,617 23,712 40,581 18,719 21,862
(b) Movements in temporary differences during the period

31 December 2022
Group
Recognised Recognised Closing

Opening
In millions of Nigerian Naira in profit or loss in equity balance
Property, equipment, and software 19,517 (10,087) - 9,430

Allowances for loan losses 1,343 (1,425) - (82)
Financial assets at FVOCI (13,475) 13,475 - -
Tax losses carried forward 21,491 (15,168) - 6,323
Prior year DTA written-off in FY2020 (759) 759 - -
Tax losses on fair value gain on derivatives (4,486) 4,486 - -
Foreign currency revaluation Loss 751 (751) - -
Others (669) 8,711 - 6,973
23,712 - - 22,644
Bank
Recognised Recognised Closing

Opening
In millions of Nigerian Naira in profit or loss in equity balance

Allowances for loan losses 611 7,817 - 8,428
Financial assets at FVOCI (13,476) 13,855 - 379
Tax losses carried forward 19,741 (13,658) - 6,083
Prior year DTA written-off in FY2020 (757) 589 - (168)
Tax losses on fair value gain on derivatives (4,486) 1,154 - (2,115)
Foreign currency revaluation Loss 751 (2,133) - (1,382)
21,862 - - 21,862

33. DEFERRED TAX ASSETS AND LIABILITIES - CONTINUED

(b) Movements in temporary differences during the period - Continued
December 31, 2021
31 December 2021
Group
Recognised in Recognised Closing

Opening profit or loss
In millions of Nigerian Naira in equity balance
balance
Allowances for loan losses 3,890 (2,547) - 1,343
Financial assets at FVOCI (12,323) (1,152) - (13,475)
Tax losses carried forward 7,522 13,969 - 21,491
Prior year DTA written-off in FY2019 882 (1,641) (759)
Prior year DTL written-off in FY2021 119 (119) - -
Tax losses on fair value gain on derivatives (3,218) (1,268) - -
Foreign currency revaluation Loss - 751 - (4,486)
Loss on revaluation of investment securities 59 (59) - 751
Others 3,532 (4,201) - -
23,610 102 - 23,712
Bank
Recognised in Recognised Closing
Opening profit or loss
In millions of Nigerian Naira in equity balance
balance
Allowances for loan losses 3,728 (3,117) - 611
Impairment on account receivable 1,454 (1,454) - -
Financial assets at FVOCI (13,475) (1) - (13,476)
Tax losses carried forward 6,362 13,379 - 19,741
Prior year DTL written-off in FY2021 882 (1,639) - (757)
Tax losses on fair value gain on derivatives (3,179) (1,307) - (4,486)
Foreign currency revaluation Loss 3,625 (2,874) - 751
Loss on revaluation of investment securities 59 (59) - -
21,862 - - 21,862
Unrecognised deferred tax assets
Deferred tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable
profits is probable. Unused tax losses of the Bank for which no deferred tax asset has been recognized was N62 billion (2021: N143 billion).
Deferred tax assets relating to the group’s deductible temporary differences is N65 billion (2021: N75billion). The deferred tax arising
from the temporary differences above will not be recognized due to uncertainties relating to the periods we expect the assets to
be realized.

Financial
Statements

34. DERIVATIVE FINANCIAL INSTRUMENTS

The table below shows the fair values of derivative financial instruments recorded as assets or liabilities together with their notional
amounts. The notional amount which is recorded gross, is the amount of a derivative’s underlying asset, reference rate or index and
is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of transac-
tions outstanding at year end and are indicative of neither the market risk nor the credit risk.
Group
Group Bank
Bank
Derivative assets
Carrying value 39,830 33,340 39,830 33,340
Notional amount 576,375 551,614 576,375 551,614
Carrying value 79 98 79 98
Notional amount 36,821 52,807 36,821 52,807
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021

(a) Derivative assets
Instrument type: 39,830 33,326 39,830 33,326
Cross-currency swaps - 14 - 14
Foreign exchange forward contracts 39,830 33,340 39,830 33,340
The movement in derivative assets is as follows:

Derivatives derecognised (33,340) (53,148) (33,340) (53,148)
Derivatives acquired 39,830 33,340 39,830 33,340
Derivative assets are current in nature
(b) Derivative liabilities

Instrument type:
Cross-currency swap 48 67 40 67
Foreign exchange forward contracts 31 31 39 31
79 98 79 98
The movement in derivative liability is as follows:
Balance, beginning of year 98 508 98 98
Derivatives derecognised (98) (508) (98) (98)
Derivatives acquired 79 98 79 98
Balance, end of year 79 98 79 98
Derivative liabilities are current in nature

34. DERIVATIVE FINANCIAL INSTRUMENTS - CONTINUED
(c ) Fair value gain on derivatives

Group
Group Bank
Bank
Derivative assets :
Fair value gain on additions in the year 39,830 33,340 39,830 33,340
Fair value loss on maturities in the year (33,340) (53,148) (33,340) (53,148)
Net fair value gain on derivative assets 6,490 (19,808) 6,490 (19,808)
Fair value loss on additions in the year (79) (98) (79) (98)
Fair value gain on maturities in the year 98 508 98 508
Net fair value gain/(loss) on derivative liabilities 19 410 19 410
Net fair value gain/(loss) on derivative assets and liabili- 6,509 (19,398) 6,509 (19,398)
ties (See note 15)
35. NON-CURRENT ASSETS HELD FOR SALE
Group
Group Bank
Bank
Dec 2022 Dec 2021 Dec 2022 Dec 2021
Opening balance - January 1st 95,909 - 95,909 -

Addition: Meassured at fair value (note 34.1) - 82,217 - 82,217
Measured at lower of carrying amount and fair - 13,692 - 13,692
value less cost to sell (note 34.2)
Impairment (317) - (317) -
Closing balance - December 31 95,592 95,909 95,592 95,909
34.1 In December 2021, UBA Plc exercised its foreclosure rights over KANN Consortium’s shares in AEDC, and holds the shares
for the sole purpose of subsequent disposal in the ordinary course of banking business(credit extension). Following the
foreclosure, the board of directors of UBA Plc approved the disposal of its interest in assets and liabilities of AEDC at the
earliest possible time. The Bank is studying the offers from prospective investors following extensive discussions on the
sale of its interest in the company. This will be made public after getting the necessary regulatory approvals.
34.2 The Bank repossessed properties held as collaterals against some customer loans. The fair value of these properties less
cost to sell was N13.38bn (2021: 13.69bn). This amount has been presented in Note 6(a) as unallocated segment, in ac-
cordance with IFRS 8. The Group’s policy is to pursue timely realization of the collaterals in an orderly manner. The Group
does not intend to use these properties for its operations.
The assets have been valued by reputable estate surveyors and valuers using the comparable transactions method of
valuation to arrive at the open market value.

Financial
Statements

36. DEPOSITS FROM BANKS

Group
Group Bank
Bank
Money market deposits 841,581 407,855 511,992 240,173
Due to other banks 328,657 246,356 351,803 242,937
1,170,238 654,211 863,795 483,110
Current 1,170,238 654,211 863,795 483,110
37. DEPOSITS FROM CUSTOMERS

Group
Group Bank
Bank
Retail customers:
Term deposits 197,391 71,291 43,643 18,808
Current deposits 864,495 649,573 446,006 329,747
Savings deposits 2,134,453 1,727,710 1,733,787 1,396,905
3,196,340 2,448,574 2,223,436 1,745,460
Corporate customers:
Term deposits 964,895 785,260 500,244 433,054
Current deposits 3,663,658 3,135,355 2,322,836 1,825,792
7,824,893 6,369,189 5,046,516 4,004,306
Current 7,818,142 6,362,806 5,046,298 4,004,103

Non-current 6,751 6,383 218 203
7,824,893 6,369,189 5,046,516 4,004,306

38. OTHER LIABILITIES

Group
Group Bank
Bank
Creditors and payables (ai) 254,885 118,426 236,597 55,995
Managers cheques 8,375 7,121 5,362 4,273
Unclaimed dividends (note (i) 12,636 11,499 12,636 10,240
Customers' deposit for foreign trade (note (ii) 28,417 24,034 30,989 31,415
Lease liabilities (note (iii) 20,077 16,760 6,883 5,487
Accrued expenses1 51,497 30,767 28,669 15,831
375,887 208,607 321,136 123,241
Provisions (note (iv)) 262 252 157 147

Allowance for credit losses on off-balance sheet items 6,232 6,045 4,696 3,433
(note (v))
Deferred income 902 1,305 701 517
7,396 7,602 5,554 4,097
Total other liabilities 383,283 216,209 326,690 127,338
Non-current 14,321 15,878 2,736 5,633

Current 368,962 197,796 323,954 121,705
383,283 213,674 326,690 127,338
(ai) The creditors and payables balance is presented on net basis in line with IAS 32. Details are provided in note 7 of this financial state-
ments.

(i) The amount represents unclaimed dividends due to UBA Plc's shareholders which have been returned by the Bank's Registrar.
(ii) Customers' deposit for foreign trade represents the naira value of foreign currencies held to cover letter of credit transactions. The
corresponding balance is included in current balances with banks in note 22.
(iii) Finance cost on the lease liabilities is included in'Interest expense' in note 11.

Group Bank
Balance - December 31, 2022
In millions of Nigerian Naira Land Buildings Total Land Buildings Total
Lease liabilities
Balance - 1 January 2022 455 16,305 16,760 268 5,219 5,487
Arisising from Business Combination - 569 569 - - -
Additions (new lease contracts) during 122 6,949 7,071 122 3,048 3,170
the year
Principal repayments/cashflows during (256) (4,658) (4,914) (256) (1,600) (1,856)
the year
Interest repayments/cashflows during (9) (456) (466) (9) (417) (426)
the year
Termination of lease contracts - 100 100 - - -
Interest accrued (note 11) - 1,261 1,261 - 558 558
Exchange difference - (303) (303) - (50) (50)
Balance - 31 December 2022 311 19,766 20,077 124 6,759 6,883

Financial
Statements

38. OTHER LIABILITIES - CONTINUED
Maturity analysis for Lease Liabilities
Less than 1 month 1 - 3 months 3 - 6 months 6 - 12 months More than 1 year Gross nominal amount Total
Group 111 1,040 2,748 3,209 14,321 21,429 20,077
Bank 60 282 1,834 2,675 2,736 7,587 6,883
Group
Group Bank
Bank
In millions of Nigerian Naira Land Buildings Total Land Buildings Total
Lease liabilities
Balance - 1 January 2021 271 6,658 6,929 99 2,363 2,462
Additions (new lease contracts) during the year 163 10,607 10,770 182 3,830 4,013
Principal repayments/cashflows during the year (2) (1,338) (1,340) (22) (1,112) (1,134)
Interest repayments/cashflows during the year (11) (386) (398) (2) (104) (106)
Interest accrued (note 11) 35 633 668 11 241 252
Balance - 31 December 2021 455 16,305 16,760 268 5,219 5,487
Maturity analysis for Lease Liabilities

Less than 1 month 1 - 3 months 3 - 6 months 6 - 12 months More than 1 year Gross nominal amount Total
Group 90 200 228 1,041 15,878 17,436 16,760
Bank - 82 123 325 5,633 6,163 5,487
(iv)
The amount represents a provision for certain legal claims. The provision charge is recognised in profit or loss within ‘other operating
expenses’. In the directors’ opinion, after taking appropriate legal advice, the outcome of these legal claims will not give rise to any
significant loss beyond the amounts provided at 31 December 2022. The expected timing of the cashflows arising from the legal claim
provision is within 1 year.

The movement in provision during the year is as follows:
Group Bank
Group Bank
At 1 January 252 252 147 147
Additional provisions 10 - 10 -
At 31 December 262 252 157 147
Current 262 252 157 147
(v) This represents allowance for credit loss for off-balance sheet loan commitments and financial guarantees recognised upon adoption
of IFRS 9.
The movement in allowance for credit lossess on off-balance sheet items during the year is as follows:
Group
Group Bank
Bank
Balance, beginning of the year 6,045 2,807 3,433 2,363
Charge to profit or loss 1,232 3,520 1,273 1,216
Reclassification (262) (252) (157) (147)
Exchange difference (783) (30) 147 1
Balance, end of the year 6,232 6,045 4,696 3,433

39. BORROWINGS
Group
Group Bank
Bank
Long Term Borrowings
- Central Bank of Nigeria (note 38.1) 31,611 58,516 31,611 58,516
- Bank of Industry (BoI) (note 38.2) 2,343 3,524 2,343 3,524
- European Investment Bank (EIB) (note 38.4) 14,403 17,670 14,403 17,670
- DEG (note 38.9) 23,034 21,122 23,034 21,122
- Afrexim (note 38.8) 8,608 49,860 8,608 49,860
- Eurobond debt security (note 38.5) 137,850 206,746 137,850 206,746
- African Development Bank (note 38.3) 23,594 32,151 23,594 32,151
- Agence Francaise de Development (AFD) (note 38.6) 9,225 8,453 9,225 8,453
- Proparco (note 38.7) 31,712 36,091 31,712 36,091
- Others (note 38.16) 5,290 - - -
287,669 434,131 282,380 434,131
Short Term Borrowings
- Africa Trade Finance (ATF) - 38.10 62,096 - 62,096 -
- First Rand Bank (RMB) - 38.11 92,365 - 92,365 -
- EmiratesNDB - 38.12 23,351 - 23,351 -
- Mashreq - 38.13 23,489 - 23,489 -
- SMBC - 38.14 23,202 - 23,202 -
- Abu Dhabi Commercial Bank (ADCB) -38.15 23,563 21,641 23,563 21,641
248,066 21,641 248,066 21,641
535,735 455,772 530,446 455,772
Current 256,681 133,332 256,681 133,332

Non-current 279,054 322,441 273,772 322,441
535,735 455,772 530,446 455,772
Movement in borrowings during the period:

Opening balance 455,772 694,355 455,772 688,280
Additions 219,845 280,752 214,555 280,752
Interest expense 34,881 32,543 30,287 32,543
Interest paid (26,582) (34,805) (26,582) (33,782)
Repayments (principal) (182,955) (543,972) (182,955) (539,920)
Exchange difference 34,774 26,899 39,376 27,899
535,735 455,772 530,446 455,772

Financial
Statements

39. BORROWINGS - CONTINUED
38.1 This represents on-lending facilities provided by the Central Bank of Nigeria (CBN):
(a) N18.441 billion of this facility represents the outstanding balance on the Commercial Agriculture Credit Scheme granted
to the Bank for the sole purpose of granting loans, at subsidised rates, to the agricultural sector. Interest on the facility
cannot exceed 9% per annum inclusive of all charges and is to be shared between the Bank and CBN at 6% and 3%
respectively. The facility will terminate on 30 September 2025. The Bank is the primary obligor to CBN and assumes the
risk of default..
(b) N6.993 billion of this facility represents the outstanding balance on the concessionary loans granted by the Central Bank
of Nigeria to some State Governments. The facility attracts an interest rate of 3% and the Bank is under obligation to lend
to participating states at a maximum rate of 6% per annum (inclusive of all charges). The principal is repayable monthly
and the tenor of the facility is 20 years.
(c) N5.7 billion of this facility represents the outstanding balance on the loan granted by the Central Bank of Nigeria with re-
spect to Real Sector Support Facility (RSSF) initiative to support the Federal Government’s Special Fertilizer Intervention
programme. The Central Bank shall lend to the Bank at 3% while the Bank shall on-lend to the customer at a maximum
interest rate of 6% per annum, all charges inclusive. The 3% interest shall be remitted to CBN on a quarterly basis. The
principal is repayable quarterly (after a one year moratorium) and the tenor of the facility is 7 years.

38.2 This represents an intervention credit granted to the Bank by the Bank of Industry (BOI) for the purpose of refinancing/
restructuring existing loans to Small and Medium Scale Enterprises (SMEs), manufacturing companies and companies in
the power and aviation industries. The maximum tenor of term loans under the programme is 15 years while the tenor
for working capital is one year, renewable annually subject to a maximum tenor of five years. A management fee of 1%
per annum, deductible at source in the first year and quarterly in arrears thereafter, is paid by the Bank under the inter-
vention programme and the Bank is under obligation to on-lend to customers at an all-interest rate of 5% per annum.
The Bank is the primary obligor to CBN/BOI and assumes the risk of default.
38.3 This represents the amount granted under a $150million line of credit by African Development Bank in December 2016
for a tenor of 8 years. The first tranche of $120million was disbursed to the Bank in December 2016 while the second
tranche of $30 million was disbursed to the Bank in November 2017. The facility is to be used for on-lending to infrastruc-
ture projects, small and medium sized enterprises and women-owned enterprises in the Federal Republic of Nigeria.
The interest rate on the facility is six months USD LIBOR plus 440 basis points and is payable semi-annually. Principal
repayment commenced on a semi-annual basis after a moratorium period of 2 years. Outstanding balance on the facility
is $50million and Facility matures August 2024.
38.4 The US$63million facility was granted under the Nigeria Private Enterprise Finance Facility extended by the European
Investment Bank to a group of financial institutions located in Nigeria. The purpose of the facility is to finance capital
expenditure for development of intermediation capacities and support small and medium sized enterprises in Nigeria.
The facility is for a tenor of 9 years. The interest rate on the facility is six months USD LIBOR plus 337 basis points and
is payable semi-annually. Principal repayment will be on a semi-annual basis after a moratorium period of 36 months.
Outstanding balance on the facility is $31.32million. Facility matures December 2025.

38.5 This represents the amortised cost of the Eurobond issued by the Bank in November, 2021. The $300million Notes issued
by the Bank on November 19 2021 is for a tenor of 5 years with interest rate(coupon) of 6.75% p.a, payable semi-annually
with bullet repayment of the Principal sum at maturity. The maturity date of the Eurobond is November 19, 2027.

38.6 This represents the amount granted under a $20 million trade loan facility granted by Agence Francaise de Development
(AFD) in May 2020. The facility is for a tenor of ten (10) years and Interest rate is six (6) months USD LIBOR plus 303 basis
points. The interest repayments are payable semi-annually while the principal repayment will commence on a semi-an-
nual basis following the 3 year grace period, final maturity is in May 2029.

38.7 This represents the amount granted under a $85 million trade loan facility granted by Proparco in April 2020. The facility
is for a tenor of seven (7) years and Interest rate is six (6) months USD LIBOR plus 320 basis points. The interest repay-

39. BORROWINGS - CONTINUED
ments are payable semi-annually while the principal repayment commenced on a semi-annual basis following the 2
year grace period. Outstanding balance on the facility is $68million and the facility matures in October 2026.
38.8 This represents the amount granted under a $150 million and $50 million loan facilities granted by African Export-Im-
port Bank in November 2020 with two (2) and three (3) years tenor respectively. The facilities’ Interest rate is three (3)
months USD LIBOR plus 485 basis points and 316 basis points respectively. The interest repayments are on a quarterly
basis while the principal repayment commenced on a quaterly basis in June 2021 and December 2021 respectively. The
first tranch of $150 million matured in Sepetember 2022 and has been repaid while the outstanding balance on the sec-
ond facility is $31.25million and matures in September 2023.
38.9 This represents the amount granted under a $50 million loan facilities granted by DEG - Deutsche Investitions-und
Entwicklungsgesellschaft MBH Bank in August 2021 with a tenor of six (6) years. The Interest rate is six (6) months USD
LIBOR plus 360 basis points. The interest repayments are payable semi-annually while the principal repayment is due
upon maturity in June 2027.

38.10 This represents the amount granted under a $115 million and $20million trade finance loan facility granted by African
Trade Finance Bank in June and August 2022 respectively with a tenor of one (1) year. The interest rate on the facility is
three (3) months SOFR plus 240 basis points and is payable quarterly. The principal repayment is due upon maturity in
June 2023.

38. 11 This represents the amount granted under a $150 million and $50million trade finance loan facility granted by Rand
Merchant Bank in June and July 2022 respectively with a tenor of one (1) year. The interest rate on the facility is three (3)
months SOFR plus 235 basis points and is payable quarterly. The principal repayment is due upon maturity in June 2023.
38.12 This represents the amount granted under a $50 million trade finance loan facility granted by Mashreq Bank in Septem-
ber 2022 with a tenor of six (6) months. The interest rate on the facility is six (6) months SOFR plus 350 basis points. The
principal and interest repayment is due upon maturity in March 2023.

38.13 This represents the amount granted under a $50 million trade finance loan facility granted by Mashreq Bank in Septem-
ber 2022 with a tenor of six (6) months. The interest rate on the facility is six (6) months SOFR plus 350 basis points. The
principal and interest repayment is due upon maturity in March 2023.

38.14 This represents the amount granted under a $50 million trade finance loan facility granted by SMBC in November 2022
with a tenor of six (6) months. The interest rate on the facility is six (6) months SOFR plus 354 basis points. The principal
and interest repayment is due upon maturity in May 2023.

38.15 This represents the amount granted under a $50 million trade finance loan facility granted by Abu Dhabi Commercial
Bank in August 2022 with a tenor of one (1) year. The interest rate on the facility is twelve (12) months SOFR plus 310 basis
points. The principal and interest repayment is due upon maturity in August 2023.
38.16 This represents the amount granted by Bank of Zambia with a tenor of five (5) years to strengthen and enhance finan-
cial sector resilience, particularly in the wake of the outbreak of the Coronavirus disease (COVID-19) and its potentially
devastating impact on the domestic economy. Interest rate is fixed at 9% while both principal and interest is due upon
maturity. The facility is secured by government bonds.

Financial
Statements
40. STATEMENT OF CASH FLOW RECONCILIATION
In millions of Nigerian Naira Group Bank

Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
1 Change in financial assets at FVTPL
Opening balance 13,096 139,299 7,984 95,957
Closing balance (14,963) (13,096) (14,963) (7,984)
Movement during the year (1,867) 126,203 (6,979) 87,973
Finance cost - interest expense 415 (353) 415 (211)
Mark to Market Gains (344) 243 (344) 101
Recognised in cash flow statement (1,796) 126,093 (6,908) 87,863
ii Change in cash reserve balance with CBN

Opening balance 969,869 1,103,888 953,176 1,072,094
Closing balance (1,283,163) (969,869) (1,231,399) (953,176)
Recognised in cash flow statement (313,294) 134,019 (278,223) 118,918
iii Change in loans and advances to banks

Opening balance 153,897 77,419 120,124 65,058
Closing balance (303,249) (153,897) (231,753) (120,124)
Movement during the year (149,352) (76,478) (111,629) (55,066)
Impairment of loans and advances to banks 1 645 439 427
Finance cost - (interest income) 35,700 (20,261) 2,007 (1,284)
Interest received (36,366) 19,849 (1,830) 1,126
Recognised in cash flow statement (150,017) (76,245) (111,013) (54,797)
iv Change in loans and advances to customers

Opening balance 2,680,667 2,554,975 1,848,102 1,812,536
Closing balance (3,136,879) (2,680,667) (2,123,097) (1,848,102)
Impairment of loans and advances to customers (23,348) (9,901) (3,542) (5,111)
Loans and Advances written off (4,874) (4,653) (4,010) (3,896)
Finance cost - (interest income) 263,083 251,887 214,914 194,515
Interest received (249,637) (246,476) (280,485) (175,768)
Reclassification to held for sale - (95,909) - (95,909)

40. STATEMENT OF CASH FLOW RECONCILIATION - CONTINUED
v Change in other assets

Opening balance 149,154 110,829 88,649 96,524
Closing balance (254,704) (149,154) (156,535) (88,649)
Movement during the year (105,550) (38,325) (67,886) 7,875
Impairment charges on other assets (3,086) 1,292 (1,645) 887
Effect of exchange flunctuation 5,743 22,810 50,262 24,798
Transfer of PPE and Intangibles (10,484) - (2,825) -
Change in deferred tax asset 19,726 (2,727) (0) -
Changes in investment in associate 8,634 (2,512) -
Effect of translation difference 34,119 3,740 4,253 -
Dividend income - - 51,859 -
Subscription for shares - African subsidiaries - - (35,295) 26,846
Recognised in cash flow statement (50,898) (15,722) (1,278) 60,406
vi Change in deposits from banks

Opening balance (654,211) (418,157) (483,110) (121,815)
Closing balance 1,170,238 654,211 863,795 483,110
Movement during the year 516,027 236,054 380,685 361,295
Finance cost - (interest expense) (11,209) (20,301) (10,673) (6,016)
Interest paid 9,585 19,257 9,302 4,796
Recognised in cash flow statement 514,403 235,010 379,314 360,075
vii Change in deposits from customers

Opening balance (6,369,189) (5,676,011) (4,004,306) (3,824,143)
Closing balance 7,824,892 6,369,189 5,046,514 4,004,306
Movement during the year 1,455,703 693,178 1,042,208 180,163
Finance cost - (interest expense) (130,312) (104,039) (85,667) (62,838)
Interest paid 119,129 94,707 76,658 53,545
Recognised in cash flow statement 1,444,520 683,846 1,033,199 170,870
viii Change in placement with banks

Opening balance 63,005 51,237 100,559 6,400
Closing balance (9,934) (63,005) (103,136) (100,559)
Movement during the year 53,071 (11,768) (2,577) (94,159)
Finance cost - (interest income) 18,415 12,721 21,619 12,641
Interest received (19,800) (12,011) (21,246) (11,463)
Recognised in cash flow statement 51,687 (11,059) (2,204) (92,981)
ix Change in other liabilities and provisions

Opening balance (199,449) (150,897) (121,851) (91,207)
Closing balance 363,206 199,449 319,807 121,851
Movement during the year 163,757 48,552 197,956 30,644
Deferred tax liabilities 2,727 - -
Impairment of finanial assets (1,232) (3,520) (1,273) (1,216)
Financial
Statements
40. STATEMENT OF CASH FLOW RECONCILIATION - CONTINUED
x Interest received
Interest income 557,152 474,262 344,490 288,564
Movement in interest receivables (29,630) (12,086) 61,484 (21,980)
xi Interest paid
Interest expense (177,663) (157,551) (127,185) (101,649)
Movement in interest payables 48,948 43,587 41,224 43,309
xii Proceeds from sale/redemption of investment

securities
Opening Balance of Investment Securities - FVOCI 993,791 1,421,527 840,249 1,233,684
Opening Balance of Investment Securities - Amortised 2,341,839 1,159,264 806,217 71,479
cost
Closing Balance of Investment Securities - FVOCI (2,193,253) (993,791) (2,071,689) (840,249)
Closing Balance of Investment Securities - Amortised (1,987,438) (2,341,839) (115,376) (806,217)
cost
Impairment charges on investment securities 17,979 (784) 1,978 (371)
Interest income (239,540) (188,574) (105,536) (79,375)
Interest received 221,376 163,208 102,070 53,239
Fair value adjustment 17,837 16,290 16,198 15,905
Purchase of investment securities 7,987,297 7,890,948 3,414,166 7,148,520
Recognised in cash flow statement 7,159,888 7,126,249 2,888,277 6,796,615
Purchase of investment securities

Purchase of FVOCI bills 2,003,645 3,073,300 2,003,645 3,073,300
Purchase of Amortised cost bills 601,462 1,412,339 601,462 1,412,339
Purchase of FVOCI bonds 285,657 824,468 285,657 824,468
Purchase of Amortised cost bonds 523,401 1,838,413 523,401 1,838,413
Purchase of subsidiaries' investment securities 4,573,131 742,428 - -
Recognised in cash flow statement 7,987,297 7,890,948 3,414,166 7,148,520

41. CAPITAL AND RESERVES
(a) Share capital
Group
Group Bank
Bank
Share capital comprises:
Issued and fully paid -
34,199,421,366 Ordinary
shares of 50k each 17,100 17,100 17,100 17,100
The movement in the share capital account during the period

is as follows:
In millions
Number of shares in issue at end of the period 34,199 34,199 34,199 34,199
In line with CAMA 2020, the Bank cancelled its un-issued portion of its authorised share capital while amending the memoramdum
of association to reflect the change. The cancellation of the un-issued part of the authorised share capital was approved at the last
Annual General Meeting (AGM) held on Thursday April 7, 2022.

(b) Share premium
Share premium is the excess paid by shareholders over the nominal value for their shares.
(c) Retained earnings
Retained earnings is the carried forward recognised income net of expenses plus current period profit attributable to share-
holders.
(d) Other Reserves
Other reserves include the following:
Group
Group Bank
Bank
Foreign operations translation reserve (note (i)) 41,676 44,252 - -
Statutory reserve (note (ii)) 158,948 133,110 132,377 112,322
Fair value reserve (note (iii)) 88,680 106,517 91,318 107,223
Regulatory (Credit) risk reserve (note (iv)) 52,645 40,637 54,265 41,705
341,949 324,516 277,960 261,250
(i) Foreign operations translation reserve

Translation reserve comprises all foreign exchange differences arising from translation of the financial statements
of foreign operations.
(ii) Statutory reserve

Statutory reserve includes:
- Statutory reserve: this represents the cumulative appropriation from earnings in accordance with existing
legislation that require the Bank to make an annual appropriation, In the current period, the Bank transferred
N20.300 billion representing 15% (2021: 15%) of its profit after taxation to statutory reserves.
- Small and Medium Enterprises Equity Investment Scheme (SMEEIS) reserves of N2.635 billion as at 31 December
2022 (December 2021: N2.635 billion) . The Bank has since suspended further appropriation to SMEEIS reserve
in line with the directives of the Central Bank of Nigeria.
- Agriculture/Small and Medium Enterprises Equity Investment Scheme (AGSMEEIS) reserves of N15.468 billion as
at 31 December 2022 (December 2021: N15.468bn). The reserve was set aside in compliance with Central Bank
of Nigeria’s directive of April 2017.


Financial
Statements

41. CAPITAL AND RESERVES - CONTINUED
(iii) Fair value reserve

The fair value reserve includes the net cumulative change in the fair value of investments at fair value through other com-
prehensive income. The net cumulative fair value change on equity instruments is transferred to retained earnings when
the investment is derecognised while the net cummulative fair value change on debt instruments is recycled to the income
statement.
(iv) Regulatory (Credit) risk reserve

The regulatory (credit) risk reserve represents the difference between the impairment on loans and advances determined
using the prudential guidelines issued by the various Central Banks of the various operating jurisdictions compared with the
expected credit loss model used in determining the impairment loss under IFRSs.
Where the loan loss impairment determined using the prudential guidelines is greater than the loan loss impairment deter-
mined using the expected credit loss model under IFRSs, the difference is transferred to regulatory credit risk reserve and it
is non-distributable to owners of the parent. When the prudential provisions is less than IFRS provisions, the excess charges
resulting is transferred from the regulatory reserve to retained earnings to the extent of the non-distributable reserve previ-
ously recognised.
42. DIVIDENDS

Bank Bank
Dec 2022 Dec 2021
Dividend Proposed 37,619 34,199
Number of Shares in Issue and Ranking for Dividend 34,199 34,199
Proposed Dividend Per Share (Naira) 1.10 1.00
Interim Dividend Per Share Proposed (Naira) 0.20 0.20
Final Dividend proposed 0.90 0.80
Final Dividend paid during the year 27,360 11,970

Interim dividend paid during the year 6,840 6,840
Total dividend paid during the year 34,199 18,810
The Board of Directors has proposed a final dividend of N0.90 per share, which in addition to the N0.20 per share paid as interim divi-
dend, amounts to a total dividend of N1.10 per share (Dec 2021: N1.00 per share) from the retained earnings account as at 31 Decem-
ber 2022. The number of shares in issue and ranking for dividend represents the outstanding number of shares as at 31 December 2022
and 31 December 2021, respectively.
Payment of dividend to shareholders is subject to withholding tax at a rate of 10%.

43. CONTINGENCIES
(i) Litigation and claims
The Group, in the ordinary course of business is currently involved in 1,422 legal cases (2021:1,363). The total amount claimed
in the cases against the Group is estimated at N666.124 billion (2021: N698.950 billion). The directors having sought the advice
of professional legal counsel, are of the opinion that no significant liability will crystalise from these cases beyond the provision
made in the financial statements.
(ii) Contingent liabilities
In the normal course of business, the Group conducts business involving acceptances, performance bonds and indemnities.
Contingent liabilities and commitments comprise acceptances, endorsements, guarantees and letters of credit.
Nature of instruments
An acceptance is an undertaking by a bank to pay a bill of exchange drawn on a customer. The Group expects most acceptances to be

43. CONTINGENCIES - CONTINUED
presented, but reimbursement by the customer is normally immediate. Endorsements are residual liabilities of the Group in respect of
bills of exchange, which have been paid and subsequently rediscounted.
Guarantees and letters of credit are given to third parties as security to support the performance of a customer to third parties. As the
Group will only be required to meet these obligations in the event of the customer’s default, the cash requirements of these instru-
ments are expected to be considerably below their nominal amounts.
Other contingent liabilities include performance bonds and are, generally, short-term commitments to third parties which are not
directly dependent on the customers’ credit worthiness.
Documentary credits commit the Group to make payments to third parties, on production of documents, which are usually reimbursed
immediately by customers.
The following tables summarise the nominal principal amount of contingent liabilities and commitments with off-balance sheet risk.
There are no guarantees, commitments or other contingent liabilities arising from related party transactions.
Group Bank
Group Bank
In millions of Nigerian naira Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Performance bonds and guarantees 1,381,089 681,489 364,161 355,178
Net carrying amount 1,377,022 676,637 361,097 352,938
Letters of credits 629,077 319,543 340,306 310,131

Net carrying amount 626,912 318,350 338,674 308,938
Gross amount 2,010,166 1,001,032 704,467 665,309

Total allowance for credit losses (6,232) (6,045) (4,696) (3,433)
Total carrying amount for performance bonds and guarantees 2,003,934 994,987 699,771 661,876
(iii) Loan commitments

Loan commitments are irrevocable commitments to provide credits under pre-specified terms and conditions. The Group’s loan
commitments are usually conditioned on the maintenance of a satisfactory financial standing by the customer and absence of
defaults on other covenants. At the reporting date, the Group had loan commitments amounting to N127.73 billion (Decem-
ber 2021: N245 billion) in respect of various loan contracts.

(iv) Capital commitments
Capital commitments are irrevocable contractual commitments for the acquisition of items of property and equipment or intan-
gible assets. At the balance sheet date, the Group had capital commitments amounting to N12.10 billion (December 2021: N5.358
billion) in respect of authorised and contracted capital projects.

Group Group
In millions of Nigerian naira Dec 2022 Dec 2021
Property and equipment 9,448 3,569
Intangible assets 2,650 1,788
12,098 5,358

Financial
Statements

44. RELATED PARTIES AND INSIDER RELATED CREDITS
United Bank for Africa Plc (UBA Plc) is the ultimate parent/controlling party of the Group. The shares of UBA Plc are listed on the Nigerian
Stock Exchange and held by widely varied investors.
Parties are considered to be related if one party has the ability to control the other party or exercise influence over the other party in
making financial and operational decisions, or one other party controls both. The definition includes subsidiaries, associates, joint ven-
tures as well as key management personnel.
(a) Subsidiaries
Transactions between United Bank for Africa Plc and the subsidiaries also meet the definition of related party transactions. Where these
are eliminated on consolidation, they are not disclosed in the consolidated financial statements but are disclosed in the books of the
Bank. The Bank’s transactions and balances with its subsidiaries during the year and at year end are as follows:
(i) Cash and cash equivalents with the following subsidiaries are:
(i) Interest income:
(i) Cash and cash equivalents with the following subsidiaries are:
Name of Subsidiary Nature of Balance Dec 2022 Dec 2021
In millions of Nigerian naira
UBA UK Limited Money market placement 130,029 137,172
UBA UK Nostro Balances 67,992 55,113
UBA Congo DRC Money market placement 1,383 12,723
UBA Kenya Money market placement 31,355 2,969
UBA Uganda Money market placement - 6,404
UBA Mozambique Money market placement - 4,750
230,759 219,131
(ii) Loan and advances

Name of Subsidiary Type of Loan Dec 2022 Dec 2021
UBA Cameroun Overdraft 391 9,481
UBA Congo DRC Overdraft 276 7,576
UBA Gabon Overdraft 82 7,138
UBA Chad Overdraft 0 2,610
UBA Kenya Term Loans - 29
UBA Burkina Faso Overdraft 3,917 -
UBA Congo Brazzaville Overdraft 739 -
UBA Benin Overdraft 4,400 -
UBA Liberia 5 -
UBA Senegal Overdraft 1,473 -
UBA Ghana 16 -
11,299 26,834

44. RELATED PARTIES AND INSIDER RELATED CREDITS - CONTINUED
Term loans to subsidiaries are unsecured.
(iii) Deposits
Name of Subsidiary Type of Deposit Dec 2022 Dec 2021
UBA Congo DRC Current 1,399 2,396
UBA Uganda Current 171 632
UBA Senegal Current 33 388
UBA Mozambique Current 663 256
UBA Mali Current 517 239
UBA Congo Brazzaville Current 89 134
UBA Sierra Leone Current 46 121
UBA Ghana Current 188 118
UBA Benin Current 212 93
UBA Cameroun Current 26 92
UBA Kenya Current 61 76
UBA Guinea Current 41 44
UBA Chad Current 70 71
UBA Pension Custodian Current 9 20
UBA Liberia Current 3 24
UBA UK Limited Current - 7
UBA Tanzania Current 66 6
UBA Burkina Faso Current 59 3
UBA Cote D'Ivoire Current 2 3
UBA Gabon Current 6 4
UBA Liberia Domicilliary - 23,200
UBA Uganda Domicilliary 3,888 15,692
UBA Ghana Domicilliary 1,773 9,372
UBA Guinea Domicilliary 522 1,319
UBA Senegal Domicilliary 744 2,820
UBA Benin Domiciliary 181 2,614
UBA Sierra Leone Domicilliary 778 430
UBA Kenya Domicilliary 34 317
UBA Burkina Faso Domicilliary 78 123
UBA Cameroon Domicilliary 31 117
UBA Cote D'Ivoire Domicilliary 159 48
UBA Chad Domicilliary 40 186
UBA Tanzania Domicilliary 37 54
UBA Gabon Domicilliary 71 34
UBA Ghana Money market deposit 6 44
12,004 61,094
(iv) Accounts receivable from the following subsidiaries are:
In millions of Nigerian naira Type of Deposit Dec 2022 Dec 2021
UBA Ghana Accounts receivable 7,008 5,714
UBA Cote D'Ivoire Accounts receivable 1,526 918
UBA Cameroon Accounts receivable 2,941 1,593
UBA Burkina Faso Accounts receivable 294 1,157

Financial
Statements

UBA Benin Accounts receivable 593 1,306

UBA DRC Congo Accounts receivable 1,084 985
UBA Zambia Accounts receivable 161 1,008
UBA Gabon Accounts receivable 1,265 749
UBA Congo Brazzaville Accounts receivable 1,536 850
UBA Senegal Accounts receivable 159 684
UBA Guinea Accounts receivable 540 929
UBA Uganda Accounts receivable - 614
UBA Chad Accounts receivable 1,700 1,275
UBA Liberia Accounts receivable 96 55
UBA Sierra Leone Accounts receivable 131 214
UBA Pension Custodian Accounts receivable 40 20
UBA Tanzania Accounts receivable - 297
UBA Kenya Accounts receivable 19 351
UBA Mali Accounts receivable 88 50
UBA Mozambique Accounts receivable 747 468
19,930 19,237
(v) Dividend receivable from the following subsidiaries are:
In millions of Nigerian naira Type of Deposit Dec. 2022 Dec. 2021
UBA Pension Custodian - 3,300
UBA Ghana 1,291 1,188
UBA Gabon 4,228 1,132
UBA Chad 3,132 930
UBA Sierra Leone 5,394 2,311
UBA Liberia 3,696 855
UBA Senegal 858 -
UBA Congo Brazzaville 13,833 -
UBA Zamnia 1,743 -
UBA Cameroon 9,222 -
43,397 9,715
(ix) Internal transfer pricing charges from the following subsidiaries are: Dec 2022 Dec 2021
UBA Ghana 974 224
UBA Burkina Faso 880 292
UBA Cote d' Ivoire 750 342
UBA Benin 769 133
UBA Cameroun 1,210 178
UBA Senegal 426 278
UBA Congo DRC 433 -
UBA Liberia 308 145
UBA Sierra Leone 418 97
UBA Zambia 265 -
UBA Chad 505 101
UBA Kenya 91 21
UBA Congo Brazaville 627 217
UBA Gabon 465 153
UBA Guinea Conakry 354 -
UBA Mozambique 221 33
UBA Pension 109 75
UBA UK 51 -
UBA Mali 215 37
9,072 2,324

(b) Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities
of UBA Plc, directly or indirectly, including any director (whether executive or otherwise) of the Bank, and their close family members.
Close family members are those family who may be expected to influence, or be influenced by that individual in their dealings with
UBA Plc and its subsidiaries.
Key management personnel and their close family members engaged in the following transactions with the Bank during the period:

Loans and advances to key management personnel
In millions of Nigerian Naira Dec 2022 Dec 2021
Loans and advances as at year end 295 179

Interest income earned during the year 24 11
Loans to key management personnel are granted on the same terms and conditions as loans to other employees. Related party loans
are secured over real estate, equity and other assets of the respective borrowers. No impairment losses (2020: Nil) have been recorded
against related party loans.
Loans and advances to key management personnel’s related persons and entities as at 31 Dec 2022
"Name of company/ Name of Director Facility Type Security Status Rate Currency Dec. 2022 Dec. 2021
individual"
Heirs Holdings Mr. Tony O. Elumelu Term Loan Real Estate Performing 11.5% NGN 13,442 15,104
13,442 15,104
Dec. 2022 Dec. 2021

Interest income earned during the year 1,546 1,351
Deposit liabilities
Deposit liabilities relating to key management personnel and their related persons and entities as at end of the period is as follows:
Deposits as at year end 467 549
Dec 2022 Dec 2021

Interest expense during the year 4 1
Compensation
Aggregate remuneration to key management staff during the period is as follows:

Executive compensation 457 642
Defined contribution plan 14 19
471 661

Financial
Statements

45. COMPENSATION TO EMPLOYEES AND DIRECTORS

(i) The number of persons in the employment of the Group and the Bank as at year end is as follows:
Group
Group Bank
Bank
(In absolute units) Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Group executive directors 6 6 6 6
Management 116 104 84 80
Non-management 9,475 10,089 5,777 6,548
9,597 10,199 5,867 6,634
Compensation for the above personnel (including executive directors):

Salaries and wages 107,001 86,544 56,203 41,937
Termination Benefits 2,772 2,939 2,595 2,677
Defined contribution plans 4,215 3,761 1,653 1,371
113,988 93,244 60,451 45,985
(ii) The number of employees of the Group and the Bank, other than Directors, who received emoluments in the following ranges (exclud-
ing pension contributions) were:
(In absolute units) Group
Group Bank
Bank
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
N300,001 - N2,000,000 2,535 3,207 760 1,484
N2,000,001 - N2,800,000 943 852 455 481
The Bank repossessed properties held 429 564 228 246
N3,500,001 - N4,000,000 1,272 1,250 1,079 1,080
N4,000,001 - N5,500,000 1,726 1,665 1,405 1,458
N5,500,001 - N6,500,000 590 563 420 423
N6,500,001 - N7,800,000 161 163 - 1
N7,800,001 - N9,000,000 540 556 448 422
N9,000,001 - above 1,395 1,373 1,066 1,033
9,591 10,193 5,861 6,628
(iii) Directors Group Bank
Remuneration paid to the Group's Directors was:
Fees and sitting allowances 108 72 108 72
Executive compensation 457 642 457 642
Defined contribution plan 14 19 14 19
579 733 579 733
Fees and other emoluments disclosed above includes amounts paid to:
The Chairman 77 30 77 30
The highest paid Director 215 143 215 143
The number of Directors who received fees and other emoluments

(excluding pension contributions) in the following ranges was:
(In absolute units)

N5,500,001 and above 16 16 16 16
16 16 16 16

46. BUSINESS COMBINATION - UBA ZAMBIA
a On March 1, 2022, UBA Plc acquired control stake in UBA Zambia (previously reported as an associate). This acquisition significantly in-
creased group's holding in UBA Zambia from initial investments of 49% to 84% for a cash consideration of N2.53bn and a debt to equity
conversion of N885million which is the sum owed by UBA Zambia to UBA Plc.
The purchase price allocation for the acquired intangibles from UBA Zambia were Core deposits - N132mn, Customer relationships -
N2.841bn, and Goodwill - N3.152bn. These intangibles are categorised as follow:

Intangible Useful life
Core deposits Definite
Customer relationship Definite
Goodwill Indefinite

Core deposits, and customer relationship are amortized over 10 years, goodwill with indefinite useful life are tested for impairment
annually or whenever there is an impairment trigger. The goodwill is attributable to the workforce and the profitability of the acquired
business. It will not be deductible for tax purposes.
Measurement of fair values
The valuation techniques used for measuring the fair value of material assets acquired were as follows:

Assets Acquired Valuation technique
Investment securities Reference to quoted observable market prices of the instruments or similar instru-
ments
Property, plant & equip- Market comparison technique and cost technique: The valuation model considers
ment quoted market prices for similar items when they are available, and depreciated re-
placement cost when appropriate. Depreciated replacement cost reflects adjustments
for physical deterioration as well as functional and economic obsolescence
Intangible assets Multi-period excess earnings method (MPEEM) values an intangible asset as the sum
of the present value of excess earnings arising as a result of the intangible asset over its
estimated useful life. This is done by estimating the proportion of after-tax operating
earnings attributable to the intangible asset and deducting contributory asset charges
representing the fair rates of return from other assets utilised in the generation of
earnings attributed to the intangible asset. In valuing customer relationships, useful life
is estimated as a function of the business' customer attrition rate.
The funding benefit method assumes that an acquirer enjoys some funding benefit by
acquiring the deposits of the Target at a lower cost of fund than what is prevailing in
the market. Assessed through an appropriate stratification exercise, the value of a CDI
is calculated as the difference between the fully-loaded core deposit costs (interest
expense and service expense) and alternative costs of funding over the average life
of the deposit balance. The after-tax difference between the core deposit cost and
the cost of alternative funding over the useful life of the deposits is discounted at the
appropriate discount rate to arrive at the present value.

b Details of the purchase consideration, the net assets acquired and goodwill are as follows:
Considerations: Group
March 2022
Cash payment 2,528
Debt to equity conversion 885
Fair value of initial investment 13,139
Total Consideration 16,552
Fair value of NCI@16% 3,152

Financial
Statements

46. BUSINESS COMBINATION - UBA ZAMBIA - CONTINUED

Fair value of net assets/(liabilities) acquired from business combina- (16,573)
tion - see note xx below
Goodwill 3,132
c.
Group
March 2022
Assets
Cash and balance with banks 17,973
Loans and advances to banks 15,159
Loans and advances to customers 4,286
Investment securities 39,363
Other assets 11,282
Property, plant and equipment 803
Intangibke assets 4,476
Total assets 93,343
Liabilities
Deposits from banks 2,209
Deposits from customers 63,722
Other liabilities 10,839
Total liabilities 76,770
Net assets/(liabilities) 16,573

Non controlling interest (NCI) 3,152
Owners of the Bank 19,725
47. NON-AUDIT SERVICES
During the year, the Bank’s external auditors (Ernst & Young) rendered the following non-audit services to the Bank:
(i) Provision of assurance services over the Bank’s 2021 sustainability report. The fee paid by the Bank for this service was N3
million.
(ii) NDIC deposit certification. The fee paid for this service was N5million.
(iii) Compliance with section 5.2.10 of the CBN Code of corporate governance – Review of risk management practices, internal
control and compliance with regulatory directives . The fee paid for this service was N17million.
(iv) Assessment of the Banks Recovery and Resolution plan. The fee paid for this service was N4.84 million.
Note: These non-audit service was undertaken by different E&Y teams. These payments are included as part of contract services
expense in “other operating expenses” in note 19.
48. COMPLIANCE WITH BANKING REGULATIONS
During 2022FY, the bank did not incur any penalty from the Central Bank of Nigeria.

49. GHANA’S DOMESTIC DEBT EXCHANGE PROGRAMME

On 5th December 2022, the Government of Ghana launched the first Ghana’s Domestic Debt Exchange programme
(DDEP), an invitation for the voluntary exchange the domestic notes and bonds for a package of new bonds to be issued
by the Republic in a transparent, efficient and expedited manner. The DDEP became imperative in view of the need to
reposition the country’s debt on a sustainable path and improve the country’s debt servicing capacity. The exchange
excludes Treasury Bills, and notes and bonds held by individuals (natural persons).
As of 14th of February, 2023 Government indicated a successful completion of the DDEP with 84.91% achievement
above the 80% target set. Following the completion, the Government of Ghana is currently in engagements with exter-
nal creditors towards an orderly and comprehensive resolution of the country’s debt challenges.
i) Group exposure in Ghana’s government securities
The Group’s exposure in Ghana debt market was through the investment activities of UBA Ghana, UBA UK and UBA
America. While UBA Ghana currently maintains investments in the Ghana domestic and Eurobond market, UBA UK and
UBA America, were primarily in Ghana's Eurobond segment.
In December 2022, when the Government of Ghana announced the suspension of all debt service payments under
certain categories of external debt including Eurobonds, pending an orderly restructuring of the affected obligations.
The suspension announcement effectively represents a default given the high likelihood of bondholders taking hair-
cuts on principal and interest on Eurobonds. We have thus classified the Eurobonds in stage 3 under IFRS 9 and have
recognized ECL charge on the assumption of a 30% and 59% haircut on principal and interest for UBA America & UBA
UK, respectively.
Entity Issuer Nature of Maturity Face Purchase Classifi- Amor- Mar- ECL Fair % Pro- Clas-
Exposure Date Value Value (N'm) cation tized Cost ket Provi- Value vision sifica-
(N'm) (N'm) Value sion Loss on PV tion
(N'm) (N'm) (in (Haircut)
OCI)
(N'm)
UBA Republic Euro- 11/2/2027 13,833 11,052 Fair value 11,882 5,781 -1,951 -6,101 30% Stage 3
America of Ghana bonds through
OCI
UBA UK Republic Euro- 4/7/2025 2,306 1,842 Amortised 1,215 - -1,091 - 59% Stage 3
of Ghana bonds Cost
(ii) Impact on UBA Ghana

Total bond portfolio by UBA Ghana eligible for the exchange is N38.576 billion. The present value of the new bond
using the weighted average rate on the existing bonds is N24.338 billion, resulting in a derecognition/impairment loss
of N14.238 billion. Consequently, the subsidiary recorded a decline in PBT from N18.071 billion to N3.833 billion, during
2022FY.
The Recent Stress Test conducted indicated that the bank’s Capital Adequacy Ratio will be above the prudential re-
quirement of 13%, after taking losses from the debt restructuring, while liquidity ratio also remains healthy and above
the industry average of 35.30% (per the bank of Ghana report for banking sector in December 2022) after considering
the impact of the debt restructure. The implementation of the Domestic Debt Exchange Programme will have minimal
impact on the earning capacity of UBA Ghana.
Response from the Bank of Ghana
To help manage the potential impact and preserve financial stability, the Bank of Ghana has designed the following
regulatory reliefs for banks that fully participate in the Debt Exchange until further notice:
• Reduction of Cash Reserve Ratio (CRR) from 14% to 12% on domestic currency deposits;
• Reduction of Capital Conservation Buffer from 3% to zero, effectively reducing the minimum Capital Adequacy Ratio
(CAR) from 13% to 10%;
• Derecognition losses emanating from the Debt Exchange shall be spread equally over a period of four (4) years for
the purposes of CAR computation;
• Banks have a maximum of four (4) years to restore the minimum paid-up capital as a result of any capital shortfall

Financial
Statements

49. GHANA’S DOMESTIC DEBT EXCHANGE PROGRAMME - CONTINUED
arising solely from the derecognition losses;

• New Bonds will be fully deductible in determining the financial exposure of banks to counterparties under section
62(8) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), while Old Bonds will not be de-
ductible for that purpose; and
• Existing loan provisioning and classification (staging) rules shall be applied to all other Government exposures. These
exposures shall not be downgraded as a result of the effect of the Debt Exchange, unless there is clear evidence of
significant increase in credit risk.
50. EVENTS AFTER THE REPORTING DATE

There were no event after the reporting date that could have material effect on the financial condition of the Group and
the Bank, as at 31 December 2022 and the profit and other comprehensive income for the year ended, which have not
been adjusted or disclosed.

51. SECURITIES TRADING POLICY
In compliance with Rule 17.15 Disclosure of Dealings in Issuers’ Shares, Rulebook of the Exchange 2015 (Issuers Rule)Unit-
ed Bank for Africa Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees
and all individuals categorized as insiders as to their dealing in the Company’s shares. The Policy undergoes periodic
reviews by the Board and is updated accordingly. The Company has made specific inquiries of all its directors and other
insiders and is not aware of any infringement of the policy during the period.
52. FREE FLOAT DECLARATION

United Bank for Africa Plc with a free float percentage of 82.7% (and a free float value of N215,057,840,976.40 as at 31
December 2022, is compliant with free float requirements for companies listed on the Premium Board of The Nigerian
Exchange Limited.


53. CONDENSED RESULT OF CONSOLIDATED SUBSIDIARIES

For the year ended December 31, 2022
UBA UBA UBA Cote D' UBA UBA UBA UBA UBA
In millions of Nigerian Naira Ghana Liberia Ivoire Senegal Kenya Guinea Gabon Benin
Condensed statements of comprehensive income
Operating Revenue 50,299 6,967 29,987 19,127 6,687 14,063 13,457 19,557
Total operating expenses (24,493) (4,640) (16,825) (12,087) (7,424) (6,730) (9,661) (15,755)
Net impairment gain/(reversal) on financial assets (21,970) (503) (2,703) (131) (940) (193) 124 (11)
Profit before income tax 3,835 1,825 10,458 6,910 (1,677) 7,140 3,921 3,790
Income tax expense (1,252) (485) (581) (991) - (2,448) (1,176) (188)
Profit for the year from continuing operations 2,583 1,340 9,877 5,919 (1,677) 4,692 2,745 3,602
Profit for the year 2,583 1,340 9,877 5,919 (1,677) 4,692 2,745 3,602
Condensed statements of financial position
Assets
Cash and bank balances 99,747 17,471 36,440 43,424 9,175 55,996 7,649 34,363
Loans and Advances to Banks - - 18,795 6,618 25,477 - - -
Loans and advances to customers 83,027 13,571 159,610 86,530 10,595 20,607 26,901 72,752
Investment securities 130,096 38,468 291,455 197,559 13,360 76,497 85,959 172,665
Other assets 10,140 42,524 16,002 16,133 895 (1,539) 5,961 5,446
Property and equipment 3,713 1,358 2,195 1,193 1,366 1,665 4,272 3,140
Intangible assets 110 4 161 10 10 12 110 -
Deferred tax assets 723 216 737 - - - - -
Total assets 327,556 113,612 525,394 351,468 60,879 153,238 130,851 288,366
Financed by:
Deposits from banks 3,921 2,982 89,388 109,590 17,278 2,921 (1) 47,381
Deposits from customers 255,590 95,541 364,864 202,734 29,479 129,052 101,784 212,569
Other liabilities 10,102 1,515 19,764 4,559 5,082 587 5,834 3,738
Current income tax liabilities (5,528) 687 - 1,090 - 2,695 1,293 205
Deferred tax liability - - 861 - - - - -
Total Equity 63,473 12,888 50,516 33,494 9,040 17,983 21,942 24,473
Total liabilities and equity 327,556 113,612 525,394 351,468 60,879 153,238 130,851 288,366
Condensed cash flows
Net cash from/(used in)operating activities (16,145) 2,906 31,732 87,671 (23,251) 43,119 17,666 (17,713)
Net cash from /(used in)financing activities (17,116) 406 1,916 (3,259) 6,865 2,540 2,869 (2,680)
Net cash from/(used in) investing activities 61,532 (24,727) (29,158) (81,830) (1,651) (28,872) (14,536) 2,719
Increase/(decrease) in cash and cash equivalents 28,271 (21,414) 4,490 2,582 (18,037) 16,786 6,000 (17,675)
Cash and cash equivalents at beginning of the year 71,476 38,886 31,950 40,842 27,211 39,210 1,649 52,037
Cash and cash equivalents at end of the year 99,747 17,472 36,440 43,424 9,174 55,996 7,649 34,362

Financial
Statements

53. CONDENSED RESULT OF CONSOLIDATED SUBSIDIARIES - CONTINUED
UBA UBA
UBA Sierra Burkina UBA UBA UBA Congo UBA UBA Pension UBA
In millions of Nigerian Naira Leone Faso Chad Uganda Brazza-ville Mozambique Cameroun Custodian Mali
Condensed statements
of comprehensive income
Operating Revenue 13,964 24,857 14,838 6,445 24,815 8,950 40,097 8,847 2,917
Total operating expenses (4,938) (18,449) (8,447) (6,326) (14,594) (4,903) (23,193) (1,582) (3,247)
Net impairment gain/(reversal) on (159) 1,339 (747) (487) (180) (236) (530) - (1,212)
financial assets
Profit before income tax 8,867 7,748 5,644 (369) 10,041 3,811 16,374 7,265 (1,542)
Income tax expense (2,224) (141) (2,110) (471) - (542) (5,838) (2,434) (29)
Profit/(loss) for the year from 6,643 7,607 3,534 (840) 10,041 3,269 10,536 4,831 (1,571)
continuing operations
Profit for the year 6,643 7,607 3,534 (840) 10,041 3,269 10,536 4,831 (1,571)
Condensed statements of
financial position
Assets
Cash and bank balances 56,898 32,372 15,806 23,962 36,113 39,633 56,087 13,607 7,064
Loans and advances to customers 10,534 157,070 39,206 10,825 54,302 11,395 176,212 - 35,874
Investment securities 50,564 291,308 93,085 26,336 89,607 19,934 258,931 - 28,127
Other assets 870 6,243 1,347 816 18,022 735 15,887 784 4,701
Property and equipment 2,093 3,613 1,943 2,088 1,504 1,550 1,889 116 3,547
Intangible assets - 133 21 84 1 105 4 40 461
Deferred tax assets - - - - - - - 65 -
Non-current assets held for - - - - - - - - -
distribution
Total assets 120,959 490,739 151,408 71,242 199,549 73,352 509,011 14,612 79,774
Financed by:
Derivative liabilities - - - - - - - - -
Deposits from banks 4,797 131,086 16,542 8,676 1,262 1,720 25,659 - 22,054
Deposits from customers 87,978 319,133 105,252 43,672 131,366 51,407 409,308 871 47,954
Other liabilities 10,303 8,355 8,961 9,661 9,541 1,590 9,308 - 4,278
Current income tax liabilities (47) 154 2,320 60 - - 6,416 2,838 45
Deferred tax liability (19) - - - - - - 12 -
Total Equity 17,947 32,010 18,333 9,173 53,621 18,636 58,320 10,891 5,443
Total liabilities and equity 120,959 490,739 151,408 71,242 199,549 73,352 509,011 14,612 79,774

Net cash from/(used in)operating 44,787 56,886 8,264 (12,474) (32,164) 17,484 41,580 2,479 7,608
activities
Net cash from /(used in)financing (1,471) (2,271) 950 6,836 5,391 6,755 (6,404) (25) (734)
activities
Net cash from/(used in) investing (10,806) (59,812) (8,220) (5,400) 4,088 (8,442) (14,663) 38 (10,357)
activities
Increase/(decrease) in cash 32,510 (5,197) 994 (11,038) (22,685) 15,796 20,513 2,493 (3,483)
and cash equivalents
Cash and cash equivalents at 24,388 37,569 14,812 35,000 58,799 23,836 35,574 11,114 10,547
beginning of the year
Cash and cash equivalents at 56,898 32,372 15,806 23,962 36,114 39,632 56,087 13,607 7,064
end of the year


UBA
UBA UBA UBA Zambia Group
In millions of Nigerian Naira Tanzania Congo DRC UK Limited Limited Bank Adjustments Group

Operating Revenue 4,566 11,387 18,564 14,048 564,555 (66,131) 852,863
Total operating expenses (3,851) (10,146) (11,679) (9,533) (412,673) 20,847 (610,330)
Net impairment gain/(reversal) on financial assets (58) (864) (1,649) 255 (10,565) (548) (41,968)
Share of Profit of equity-accounted investee - - - - - 311 311
(Loss)/Profit before income tax 657 376 5,237 4,770 141,317 (45,521) 200,876
Income tax expense (441) (111) (255) (1,335) (7,621) 73 (30,599)
Profit/(loss) for the year from continuing operations 216 265 4,982 3,435 133,696 (45,448) 170,277
(Loss)/Profit for the year 216 265 4,982 3,435 133,696 (45,448) 170,277

Assets
Cash and bank balances 3,088 89,403 14,010 30,089 2,154,971 (323,738) 2,553,629
Financial assets at FVTPL - - - - 14,963 - 14,963
Assets under management - - - - 12,923 - 12,923
Derivative assets - - - - 39,830 - 39,830
Loans and Advances to Banks 1,201 - 186,743 - 231,753 (174,470) 303,249
Loans and advances to customers 12,526 34,638 - 8,914 2,123,097 (11,305) 3,136,879
Investment securities 9,699 - 63,031 61,990 2,187,065 (5,044) 4,180,691
Other assets 6,751 2,359 721 1,702 156,535 (58,332) 254,704
Investments in equity-accounted investee - - - - - - -
Investments in Subsidiaries - - - - 145,993 (145,993) -
Property and equipment 969 2,974 818 1,263 163,841 930 208,039
Intangible assets 8 35 856 857 12,618 17,829 33,468
Deferred tax assets - - - - 21,862 - 23,603
Non-current assets held for distribution - - - - 95,593 - 95,593
Total assets 34,242 129,408 266,178 104,815 7,361,044 (700,123) 10,857,571
Financed by:
Derivative liabilities - - - - 79 - 79
Deposits from banks - 9,387 240,434 3,819 863,795 (432,450) 1,170,238
Deposits from customers 27,909 96,233 2,150 78,854 5,046,515 (15,322) 7,824,892
Other liabilities 1,586 1,309 2,199 936 326,689 (62,615) 383,282
Current tax liability - 119 269 (664) 8,327 - 20,281
Borrowings - - - 1,530 530,446 - 535,735
Deferred tax liability - - - 105 - - 959
Total Equity 4,747 22,360 21,127 20,234 585,193 (189,738) 922,104
Total liabilities and equity 34,242 129,408 266,178 104,815 7,361,044 (700,125) 10,857,570

Net cash from/(used in)operating activities (2,511) 11,232 (4,478) 77,417 1,063,228 (7,631) 1,397,692
Net cash from /(used in)financing activities 145 12,496 (604) 16,782 (31,463) (29,341) (31,418)
Net cash from/(used in) investing activities (4,531) (2,312) (6,052) (64,110) (604,497) 19,622 (891,976)
Increase/(decrease) in cash and cash equivalents (6,897) 21,416 (11,134) 30,089 427,268 (17,350) 474,298
Effects of exchange rate changes on cash and cash - - - - (3) 325 322
equivalents
Cash and cash equivalents at beginning of the year 9,985 67,986 25,144 - 393,171 (265,277) 785,910
Cash and cash equivalents at end of the year 3,088 89,402 14,010 30,089 820,436 (282,302) 1,260,530

Financial
Statements


UBA UBA UBA Cote UBA UBA UBA
In millions of Nigerian Naira Ghana Liberia D' Ivoire Senegal UBA Kenya Guinea Gabon UBA Benin

Operating Revenue 44,903 7,117 30,443 16,773 2,177 10,062 13,983 19,372
Total operating expenses (22,762) (3,877) (16,357) (10,308) (6,261) (4,689) (8,776) (14,833)
Net impairment gain/(reversal) on financial assets (5,895) (44) 1,165 887 (1,031) (105) 478 216
Profit before income tax 16,246 3,196 15,251 7,353 (5,115) 5,268 5,685 4,756
Income tax expense (6,274) (770) (1,634) (461) 530 (1,786) (1,767) (199)
Profit for the year 9,972 2,426 13,617 6,892 (4,585) 3,482 3,918 4,557

Assets
Cash and bank balances 71,476 38,886 31,950 40,842 27,211 39,210 1,649 52,037
Loans and Advances to Banks - - 5,472 17,355 3,228 - - -
Loans and advances to customers 71,631 12,018 124,117 86,568 7,017 3,950 23,161 65,947
Investment securities 190,970 13,774 262,982 115,217 11,565 47,974 71,847 175,075
Other assets 30,763 19,514 6,497 11,355 2,858 506 997 5,797
Property and equipment 4,368 1,323 1,588 1,716 1,509 1,304 3,944 3,445
Intangible assets 114 6 82 (1) 12 25 13 4
Deferred tax assets 170 86 743 - 1,750 - - -
Total assets 369,491 85,606 433,433 273,053 55,149 92,968 101,612 302,306
Financed by:
Deposits from banks 4,057 - 65,177 46,461 5,128 665 50 62,800
Deposits from customers 281,010 71,786 312,727 185,476 41,525 78,272 74,268 211,037
Other liabilities 6,237 1,406 15,962 9,823 4,644 1,294 9,220 4,720
Current income tax liabilities 180 1,273 - 460 - 1,984 1,747 197
Deferred tax liability - - 843 - - - - -
Total Equity 78,006 11,142 38,723 30,834 3,852 10,752 16,328 23,552
Total liabilities and equity 369,491 85,606 433,433 273,053 55,149 92,968 101,612 302,306

Net cash from/(used in)operating activities 76,625 12,356 76,172 44,285 (15,373) 29,940 7,014 47,664
Net cash from /(used in)financing activities (203) 1,559 (4,866) (3,635) 1,939 (3,173) 287 (2,498)
Net cash from/(used in) investing activities (71,046) (1,887) (85,535) (4,263) 25,952 (8,258) (15,520) (31,784)
Increase/(decrease) in cash and cash equivalents 5,377 12,028 (14,229) 36,387 12,517 18,509 (8,220) 13,381
Cash and cash equivalents at beginning of the year 66,099 26,858 46,179 4,455 14,694 20,701 9,869 38,656
Cash and cash equivalents at end of the year 71,476 38,886 31,950 40,842 27,211 39,210 1,649 52,037


UBA UBA
UBA UBA UBA UBA
UBA UBA Congo Pension UBA
In millions of Nigerian Naira Sierra Burkina Mozam- Camer-
Chad Uganda Braz- Custo- Mali
Leone Faso bique oun
za-ville dian
Condensed statements of comprehensive
income
Operating Revenue 10,224 23,502 11,420 4,736 25,627 4,411 35,746 7,142 4,484
Total operating expenses (3,942) (18,651) (7,381) (5,977) (15,035) (3,221) (20,808) (1,369) (4,319)
Net impairment gain/(reversal) on financial
(36) (37) (1,073) (71) (68) (92) (2) - (10)
assets
Profit before income tax 6,247 4,813 2,966 (1,312) 10,525 1,098 14,936 5,773 155
Income tax expense (1,571) (138) (2,736) (644) (6,037) (438) (5,974) (2,450) (58)
Profit for the year 4,676 4,675 230 (1,956) 4,488 660 8,962 3,323 97
Condensed statements of financial

position
Assets
Cash and bank balances 24,388 37,569 14,812 35,000 58,799 23,836 35,574 11,114 10,547
Financial assets at FVTPL - - - - - - - - -
Derivative assets - - - - - - - - -
Loans and Advances to Banks - - - - - - - - -
Loans and advances to customers 6,048 119,874 37,752 7,869 60,388 10,368 157,161 - 19,875
Investment securities 40,276 231,655 84,817 20,636 93,783 12,276 244,548 - 20,577
Other assets 210 6,783 375 1,235 6,590 101 21,938 1,086 1,658
Investments in equity-accounted investee - - - - - - - - -
Investments in Subsidiaries - - - - - - - - -
Property and equipment 1,575 3,464 1,984 2,449 1,400 820 1,571 129 1,165
Intangible assets - 123 28 23 17 51 42 65 36
Deferred tax assets - - - - - - - - -
Total assets 72,497 399,468 139,768 67,213 220,976 47,453 460,834 12,393 53,858
Financed by:
Derivative liabilities - - - - - - - - -
Deposits from banks 958 67,511 - 6,908 52,831 5,463 9,405 - 2,212
Deposits from customers 51,080 300,260 108,191 48,244 119,988 27,446 377,197 3,895 41,390
Other liabilities 7,613 4,886 16,243 8,884 3,497 5,932 14,138 - 2,450
Current income tax liabilities 51 137 1,484 - 2,711 - 5,907 2,407 58
Borrowings - - - - - - - - -
Deferred tax liability 19 - - - - - - 7 -
Total Equity 12,775 26,674 13,850 3,177 41,949 8,612 54,188 6,084 7,748
Total liabilities and equity 72,497 399,468 139,768 67,213 220,976 47,453 460,834 12,393 53,858

Net cash from/(used in)operating activities 19,471 38,225 22,460 14,694 56,497 14,436 35,001 6,012 4,563
Net cash from /(used in)financing activities (2,360) (4,165) (342) (325) (828) 1,471 613 (2,591) (223)
Net cash from/(used in) investing activities (8,188) (33,459) (16,749) (5,564) (50,733) (10,488) (56,539) 7,674 (9,848)
Increase/(decrease) in cash and cash

8,923 600 5,369 8,805 4,936 5,418 (20,925) 11,096 (5,508)
equivalents
Cash and cash equivalents at beginning of the
15,465 36,969 9,443 26,195 53,863 18,418 56,499 18 16,055
year
Cash and cash equivalents at end of the year 24,388 37,569 14,812 35,000 58,799 23,836 35,574 11,114 10,547

Financial
Statements


For the year ended December 31, 2021
UBA UBA UBA Group
In millions of Nigerian Naira Tanzania Congo DRC UK Limited Bank Adjustments Group

Operating Revenue 3,842 6,674 8,056 381,493 (13,897) 658,291
Total operating expenses (3,458) (7,377) (7,958) (311,225) 4,300 (494,283)
Net impairment gain/(reversal) on financial assets (34) 3,164 (526) (9,749) - (12,863)
Share of loss of equity-accounted investee - - - - 1,928 1,928
(Loss)/Profit before income tax 350 2,461 (428) 60,519 (7,668) 153,073
Income tax expense (69) (67) - (1,850) - (34,395)
Profit/(loss) for the year from continuing operations 281 2,394 (428) 58,669 (7,668) 118,678
(Loss)/Profit for the year 281 2,394 (428) 58,669 (7,668) 118,678

Assets
Cash and bank balances 9,985 67,986 25,144 1,446,906 (286,138) 1,818,784
Financial assets at FVTPL 5,112 - - 7,984 - 13,096
Derivative assets - - - 33,340 - 33,340
Loans and Advances to Banks - - 135,199 120,124 (127,481) 153,897
Loans and advances to customers 12,748 29,415 - 1,848,102 (23,343) 2,680,667
Investment securities - - 56,758 1,646,466 (5,567) 3,335,630
Other assets 3,203 881 938 88,649 (62,777) 149,154
Investments in equity-accounted investee - - - 2,715 6,230 8,945
Investments in Subsidiaries - - - 103,275 (103,275) -
Property and equipment 1,031 733 1,017 141,581 1 178,117
Intangible assets 2 (36) 876 18,063 10,906 30,450
Deferred tax assets - - - 21,862 18,719 43,329
Non-current assets held for distribution - - - 95,909 - 95,909
Total assets 32,080 98,979 219,932 5,574,976 (572,725) 8,541,318
Financed by:
Derivative liabilities - - 0 98 - 98
Deposits from banks 4,540 344 202,066 483,110 (365,475) 654,211
Deposits from customers 21,338 75,664 7 4,004,306 (65,918) 6,369,189
Other liabilities 1,817 13,303 1,082 127,338 (44,281) 216,209
Current tax liability - 69 - 2,751 - 21,415
Borrowings - - - 455,772 - 455,772
Deferred tax liability - - 28 - 18,719 19,617
Total Equity 4,386 9,599 16,749 501,601 (115,771) 804,807
Total liabilities and equity 32,080 98,979 219,932 5,574,976 (572,726) 8,541,318

Net cash from/(used in)operating activities (2,929) 25,824 17,376 671,618 (93,825) 1,108,106
Net cash from /(used in)financing activities 53 314 664 (312,999) 12,739 (318,572)
Net cash from/(used in) investing activities (1,657) 138 (9,658) (398,547) (10,427) (796,386)
Increase/(decrease) in cash and cash equivalents (4,534) 26,276 8,382 (39,928) (91,513) (6,852)
Effects of exchange rate changes on cash and cash - - - (330) (1,502) (1,832)
equivalents
Cash and cash equivalents at beginning of the year 14,519 41,710 16,762 433,429 (172,262) 794,594
Cash and cash equivalents at end of the year 9,985 67,986 25,144 393,171 (265,277) 785,910
* See note 51 Restatement of prior year financial information


Other National Disclosures
STATEMENT OF VALUE ADDED

2022 2021
N'million % N'million %
Group
Gross revenue 853,175 660,219
Interest paid (177,663) (157,551)
675,512 502,668
Administrative overheads:
- local (312,033) (208,992)
- foreign (2,726) (14,808)
Value added 360,753 100 278,868 100
Distribution
Employees
- Salaries and benefits 113,988 32 93,244 33
Government
- Current Income tax 30,599 8 34,395 12
The future
- Asset replacement (depreciation and amortization) 26,218 7 22,700 8
- Asset replacement (provision for losses) 19,671 5 9,851 4
- Expansion (transfer to reserves and
non-controlling interests) 170,277 47 118,678 43
360,753 100 278,868 100
2022 2021
Bank N'million % N'million %
Gross revenue 564,555 381,493
Interest paid (127,185) (101,649)
437,370 279,844
Administrative overheads:
- local (211,017) (147,857)
- foreign (600) (673)
Value added 225,753 100 131,314 100
Distribution
Employees
- Salaries and benefits 60,451 27 45,985 35
Government
- Taxation 7,621 3 1,850 1
The future
- Asset replacement (depreciation and amortization) 18,316 8 15,761 12
- Asset replacement (provision for losses) 5,669 3 9,049 7
- Expansion (transfer to reserves and
non-controlling interests) 133,696 59 58,669 45
225,753 100 131,314 100

Value added represents the additional wealth which the Group has been able to create by its own and employees efforts.

Financial
Statements

Five-Year Financial Summary - Group
FIVE - YEAR FINANCIAL SUMMARY-GROUP

STATEMENT OF FINANCIAL POSITION
December 31, December 31, December 31, December 31, December 31,
In millions of Nigerian Naira 2022 2021 2020 2019 2018
ASSETS
Cash and bank balances 2,553,629 1,818,784 1,874,618 1,396,228 1,220,596
Financial assets at fair value through profit or loss 14,963 13,096 214,400 102,388 19,439
Assets under management 12,923 - - - -
Derivative assets 39,830 33,340 53,148 48,131 34,784
Loans and advances to banks 303,249 153,897 77,419 108,211 15,797
Loans and advances to customers 3,136,879 2,680,667 2,554,975 2,061,147 1,715,285
- At fair value through other comprehensive 2,193,253 993,791 1,421,527 901,048 1,036,653
income
- At amortised cost 1,987,438 2,341,839 1,159,264 670,502 600,479
Other assets 254,704 149,154 110,829 139,885 63,012
Investments in equity-accounted investee - 8,945 4,504 4,143 4,610
Property and equipment 208,039 178,117 153,191 128,499 115,973
Intangible assets 33,468 30,450 28,900 17,671 18,168
Deferred tax assets 23,603 43,329 40,602 43,054 24,942
Asset Classified as Held for Sale 95,593 95,909 - -
TOTAL ASSETS 10,857,571 8,541,318 7,693,377 5,620,907 4,869,738
LIABILITIES
Derivative liabilities 79 98 508 852 99
Deposits from banks 1,170,238 654,211 418,157 267,070 174,836
Deposits from customers 7,824,892 6,369,189 5,676,011 3,832,884 3,349,120
Other liabilities 383,283 216,209 157,826 107,255 120,764
Current income tax liabilities 20,281 21,415 9,982 9,164 8,892
Borrowings 535,735 455,772 694,355 758,682 683,532
Subordinated liabilities - - - 30,048 29,859
Deferred tax liabilities 959 19,617 16,992 16,974 28
TOTAL LIABILITIES 9,935,467 7,736,511 6,973,831 5,022,929 4,367,130
EQUITY
Share capital and share premium 115,815 115,815 115,815 115,815 115,815
Reserves 771,482 660,359 575,836 462,758 367,654
EQUITY ATTRIBUTABLE TO EQUITY - 887,297 776,174 691,651 578,573 483,469

HOLDERS OF THE BANK
Non-controlling interests 34,807 28,633 27,895 19,405 19,139
TOTAL EQUITY 922,104 804,807 719,546 597,978 502,608
TOTAL LIABILITIES AND EQUITY 10,857,570 8,541,318 7,693,377 5,620,907 4,869,738

OTHER ADDITIONAL DISCLOSURES

Five - Year Financial Summary-Group
Summarized Statement of Comprehensive

Income
In millions of Nigerian Naira December 31, December 31, December 31, December 31, December 31,
2022 2021 2020 2019 2018
Net operating income 592,624 442,994 403,042 346,293 308,218

Operating expenses (350,091) (278,986) (249,847) (217,167) (197,342)
Net impairment loss on loans and receivables (41,968) (12,863) (27,009) (18,252) (4,529)
Share of profit/(loss) of equity-accounted investee 311 W 1,928 1,071 413 419
Profit before income tax expense 200,876 153,073 127,257 111,287 106,766
Income tax expense (30,599) (34,395) (18,095) (22,198) (28,159)
Profit after taxation 170,277 118,678 109,162 89,089 78,607
Profit for the year 170,277 118,678 109,162 89,089 78,607
- Non-controlling interests 4,826 2,795 3,253 2,869 3,248

- Equity holders of the parent 165,451 115,883 105,909 86,220 75,359
Other comprehensive income for the year (19,786) (14,607) 43,326 35,350 (33,273)
Total comprehensive income for the year 150,491 104,071 152,488 124,439 45,334
Statement of financial position December 31, December 31, December 31, December 31, December 31,
ASSETS 2022 2021 2020 2019 2018
Cash and bank balances 2,154,971 1,446,906 1,436,822 1,182,554 1,015,199

Financial assets at fair value through profit or loss 14,963 7,984 171,058 102,388 19,439
Assets under management 12,923 - - - -
Derivative assets 39,830 33,340 53,148 48,131 34,784
Loans and advances to banks 231,753 120,124 65,058 99,849 15,516
Loans and advances to customers 2,123,097 1,848,102 1,812,536 1,503,380 1,213,801
- At fair value through other comprehensive 2,071,689 840,249 1,233,684 772,658 925,892
income
- At amortised cost 115,376 806,217 71,479 73,556 84,265
Other assets 156,535 88,649 96,524 111,607 49,642
Investments in subsidiaries 145,993 103,275 103,275 103,275 103,777
Investments in equity-accounted investee - 2,715 2,715 2,715 2,715
Property and equipment 163,841 141,581 123,435 107,448 97,502
Intangible assets 12,618 18,063 16,237 7,070 6,911
Deferred tax assets 21,862 21,862 21,862 21,862 21,862
Non-current assets held for Sale 95,593 95,909 - - -
TOTAL ASSETS 7,361,044 5,574,976 5,207,833 4,136,493 3,591,305
LIABILITIES
Derivative liabilities 79 98 508 852 99

Deposits from banks 863,795 483,110 121,815 92,717 30,502
Deposits from customers 5,046,514 4,004,306 3,824,143 2,764,388 2,424,108
Current income tax liabilities 8,327 2,751 1,478 722 706
Subordinated liabilities - - - 30,048 29,859
Borrowings 530,446 455,772 688,280 744,094 657,134
Other liabilities 326,691 127,338 93,669 57,150 84,299
TOTAL LIABILITIES 6,775,852 5,073,375 4,729,893 3,689,971 3,226,707

Financial
Statements

STATEMENT OF FINANCIAL POSITION
2022 2021 2020 2019 2018
EQUITY
Share capital and share premium 115,815 115,815 115,815 115,815 115,815
Reserves 469,378 385,786 362,125 330,707 248,783
TOTAL EQUITY 585,193 501,601 477,940 446,522 364,598
TOTAL LIABILITIES AND EQUITY 7,361,045 5,574,976 5,207,833 4,136,493 3,591,305
Summarized statement of comprehensive income

2022 2021 2020 2019 2018
Net operating income 382,743 239,434 236,068 227,464 191,144

Operating expenses (230,861) (169,166) (155,844) (141,032) (131,537)
Net impairment loss on loans and receivables (10,565) (9,749) (21,864) (16,369) (4,257)
Profit before income tax expense 141,317 60,519 58,360 70,063 55,350
Income tax expense (7,621) (1,850) (1,449) (7,313) (14,303)
Profit for the year 133,696 58,669 56,911 62,750 41,047
Other comprehensive income for the year (15,905) (16,198) 5,427 48,244 (12,009)
Total comprehensive income for the year 117,791 42,471 62,338 110,994 29,038

06
Investor
Information
Investor Information
Notice of AGM
Proxy Form
Shareholder Forms
Directors Retiring by Rotation and Seeking Re-election
Investor Information
Shareholder Information
UBA is one of the largest financial services groups in Nigeria with presence in 24 countries. Its shares have been listed on the
Nigerian Exchange Limited (NGX) since 1970. The Bank’s current number of shares outstanding is 34,199,421,366 units with an
average daily trading volume of 11.32 million shares. A summary of its key share data is shown below.
Share data as of last trading day in 2022
Year 2022 2021

NGX ticker UBA UBA
Bloomberg ticker UBA NL UBA NL
Share price(N) 7.6 8.05
Shares outstanding (million) 34.20 34.20
Market capitalisation (N’billion) 259.92 275.32
Market capitalisation (US$’ million) 578.81 647.18
12-month daily average trading volume (million) 11.32 12.68
52-week high share price (N) 8.85 9.25
52-week low share price (N) 6.55 6.80
Trend in Rebased UBA Share Price, the Banking Sector Index and the NSE All Share Index
rebased to 100

Corporate Strategy & Sustainability Governance Financial Corporate
Profile Business Review & Responsibility Statements Information
Investor
Information
Share capital
The authorized share capital as of 31 December 2022 amounted to N17,099,710,683 consisting 34,199,421,366 shares of 50 kobo
each, all of which have been issued and fully paid for. The shares are listed on the premium board of the Nigerian Stock Exchange
for trading.
Shareholders
As at end of 2022, UBA’s shares were held by a total of shareholders as analyzed in the table below:
Headline Shareholders Holdings

Aggregate
Cumulative Aggregate Cumulative
Range Count Count (%) Holdings
count Holdings Holdings
(%)
1 - 1,000 33,286 33,286 12.13 15,099,109 15,099,109 0.04
1,001 - 5,000 120,282 153,568 43.83 300,330,652 315,429,761 0.88
5,001 - 10,000 44,692 198,260 16.29 305,976,591 621,406,352 0.89
10,001 - 50,000 53,791 252,051 19.60 1,121,732,863 1,743,139,215 3.28
50,001 - 100,000 10,643 262,694 3.88 722,332,189 2,465,471,404 2.11
100,001 - 500,000 8,868 271,562 3.23 1,809,226,389 4,274,697,793 5.29
500,001- 1,000,000 1,288 272,850 0.47 902,367,024 5,177,064,817 2.64
1,000,001 - 5,000,000 1,188 274,038 0.43 2,314,510,730 7,491,575,547 6.77
5,000,001 - 10,000,000 149 274,187 0.05 1,035,107,337 8,526,682,884 3.03
10,000,001 - 50,000,000 139 274,326 0.05 2,828,473,339 11,355,156,223 8.27
50,000,001 - 100,000,000 24 274,350 0.01 1,594,933,359 12,950,089,582 4.66
100,000,001 - 500,000,000 35 274,385 0.01 10,094,544,917 23,044,634,499 29.52
500,000,001 - 1,000,000,000 10 274,395 0.00 6,741,845,026 29,786,479,525 19.71
1,000,000,001 and Above 3 274,398 0.00 4,412,941,841 34,199,421,366 12.90
274,398 100 34,199,421,366 100.00
Ten-year History of Capitalization

Issued and Full Paid Issued
Date Authorised (N) Considerations
Capital (N) Shares
01 August 2005 6,000,000,000 3,236,000,000 6,472,000,000 Bonus (1:5)
22 February 2007 6,000,000,000 4,236,000,000 8,472,000,000 Bonus (1:5)
04 May 2007 6,000,000,000 4,290,214,286 8,580,428,572 Foreign Loan Stock Conversion
25 September 2007 6,000,000,000 5,645,139,990 11,290,279,980 Cash (right and public offering)
18 January 2008 7,500,000,000 5,645,139,990 11,290,279,980
18 June 2008 12,500,000,000 8,622,584,985 17,245,169,970 Bonus (1:2) (interim)
05 January 2009 12,500,000,000 10,778,231,231 21,556,462,462 Bonus (1:4) (Final)
02 October 2009 17,500,000,000 10,778,231,231 21,556,462,462
13 May 2010 17,500,000,000 12,933,877,477 25,867,754,954 Bonus (1:5) (Final)
13 May 2011 17,500,000,000 16,167,346,850 32,334,693,700 Bonus (1:4) (Final)
18 May 2012 22,500,000,000 16,490,693,782 32,981,387,564 Bonus (1:50) (Final)
01 July 2015 22,500,000,000 18,139,763,161 36,279,526,322 Rights Issue
12 October 2017 22,500,000,000 17,099,710,683 34,199,421,366 Cancellation of SSIT Shares
Cancellation of Unissued shares
07 April 2022 17,099,710,683 17,099,710,683 34,199,421,366
in line with CAMA

Dividend Payment History
Dividend per share

Dividend number Year ended Date declared Total amount
(N)
59 31 December 2012 10 June 2013 16,490,693,783 0.50
60 31 December 2013 28 April 2014 16,490,693,783 0.50
61 31 December 2014 27 April 2015 3,298,138,757 0.10
62 30 June 2015 Interim 16 September 2015 7,255,905,264 0.20
63 31 December 2015 14 March 2016 14,511,810,528 0.40
64 30 June 2016 Interim 25 August 2016 7,255,905,264 0.20
65 31 December 2016 24 March 2017 19,953,739,477 0.55
67 31 December 2017 23 March 2018 22,229,623,888 0.65
69 31 December 2018 15 March 2019 22,229,623,888 0.65
71 31 December 2019 02 March 2020 27,359,537,092 0.80
73 31 December 2020 08 March 2021 11,969,797,478 0.35
75 31 December 2021 07 April 2022 27,359,537,092 0.80
Record of Unclaimed Dividend as at 31 December 2022
UBA PLC UNCLAIMED DIVIDEND INFORMATION AS AT DECEMBER 31, 2022

Dividend Dividend Total Dividend Amount Un- Amount returned Amount in Custody
Amount declared
No. Year End Paid to date claimed (N) to Coy as at date (N) (AP Plc)
58 2010 1,293,387,748.00 1,200,349,262.33 93,038,485.67 84,299,754.93 8,738,730.74
59 2012 16,490,693,782.50 15,131,326,449.29 1,359,367,333.21 1,351,159,441.42 8,207,891.79
60 2013 16,490,693,782.50 15,411,397,901.24 1,079,295,881.26 1,009,110,341.82 70,185,539.44
61 2014 3,298,138,756.50 3,096,874,549.68 201,264,206.82 191,578,267.59 9,685,939.23
62 2015 7,255,905,264.20 6,752,288,135.75 503,617,128.45 472,749,017.90 30,868,110.55
63 2015 14,511,810,528.40 13,399,829,405.47 1,111,981,122.93 1,043,805,019.74 68,176,103.19
64 2016 7,255,905,264.20 6,811,935,179.57 443,970,084.63 423,102,837.73 20,867,246.90
65 2016 19,953,739,476.55 18,578,607,204.49 1,375,132,272.06 1,297,000,120.99 78,132,151.07
66 2017 6,839,884,273.20 6,468,045,937.77 371,838,335.43 347,601,550.73 24,236,784.70
67 2017 22,229,623,887.90 20,417,295,634.49 1,812,328,253.41 1,706,301,477.81 106,026,775.60
68 2018 6,839,884,273.20 6,458,185,482.57 381,698,790.63 362,225,277.10 19,473,513.53
69 2018 22,229,623,887.90 20,498,338,786.86 1,731,285,101.04 1,633,980,921.97 97,304,179.07
70 2019 6,839,884,273.20 6,287,419,731.98 552,464,541.22 519,091,683.12 33,372,858.10
71 2019 27,359,537,092.80 25,132,733,288.90 2,226,803,803.90 1,215,499,081.96 1,011,304,721.94
72 2020 5,813,901,632.22 5,406,617,585.43 407,284,046.79 383,118,553.98 24,165,492.81
73 2020 11,969,797,478.10 11,314,246,745.48 655,550,732.62 595,716,889.43 59,833,843.19
74 2021 6,839,884,273.20 6,275,112,567.77 564,771,705.43 - 564,771,705.43
75 2021 27,359,537,092.80 25,173,827,308.01 2,185,709,784.79 - 2,185,709,784.79
76 2022` 6,839,884,273.20 6,315,669,380.48 524,214,892.72 - 524,214,892.72
237,711,717,040.57 220,130,100,537.56 17,581,616,503.01 12,636,340,238.22 4,945,276,264.79

Investor
Information
Credit Rating Summary
National National
Short-term: Aa- Short-term: A1+ (NG)
Long-term: AA + (NG)
International
Long-term: B
National National
Short-term: F1(nga) Short-term: ngBBB/ngA-2
Long-term: A+(nga) Long-term: ngBBB
International International
Short-term: B Short-term: B
Long-term: B- Long-term: B-
Stand alone CR profile: b+
Note: S&P and Fitch ratings of UBA Plc rank at par with the Nigerian Sovereign rating, as the Sovereign rating
underpins the ratings of corporates operating in the country.

Investor
Information
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the 61st Annual General Meeting of United Bank for Africa Plc (the Bank) will hold virtually via
https://www.ubagroup.com/2022AGM on Thursday, April 27, 2023, at 10:00 AM to transact the following business:
ORDINARY BUSINESS
1. To receive the Audited Financial Statements for the year ended December 31, 2022, together with the Reports of the
Directors, Auditors, and the Audit Committee thereon.
2. To declare a final dividend.
3. To re-elect the following Directors retiring by rotation:
3.1. Ms. Angela Aneke
3.2. Mr. Abdulqadir Bello, FCA
3.3. Dr. Kayode Fasola
4. To authorize the Directors to fix the remuneration of the Auditors for the 2023 financial year.
5. To disclose the remuneration of managers of the Bank.
6. To elect members of the Statutory Audit Committee.
SPECIAL BUSINESS
7. To consider and if thought fit, pass the following as an ordinary resolution:

i. That the remuneration of the Directors of the Bank for the year ending December 31, 2023 be and is hereby fixed at
N50 million only for each Director and N75 million for the Board Chairman.
NOTES
1. Proxy
A member entitled to attend and vote at the Annual General Meeting is also entitled to appoint a proxy to attend and vote
in his/her stead. A proxy need not be a member of the Company. For the appointment of the proxy to be valid, a proxy
form must be completed, duly stamped by the Commissioner of Stamp Duties and deposited either at the office of the
Bank’s Registrars, Africa Prudential Plc, 220B Ikorodu Road, Palmgrove, Lagos Nigeria, or via email at cxc@africaprudential.
com not later than 48 hours before the fixed time of the meeting.
2. Virtual Meeting Link

Further to the signing into law of the Business Facilitation (Miscellaneous Provisions) Act, which allows public companies
to hold meetings electronically, this AGM would be held virtually. The Virtual Meeting Link for the Annual General Meeting
is https://www.ubagroup.com/2022AGM. The Virtual Meeting Link will also be available on the Company’s website at
www.ubagroup.com.
3. Stamping of Proxy
The Company has made arrangements, at its cost, for the stamping of the duly completed and signed proxy forms
submitted to the Company’s Registrars within the stipulated time.
4. Live Streaming of the AGM

The AGM will be live-streamed online. The AGM live streaming link will be available on the Company’s website at www.
ubagroup.com.

NOTICE OF ANNUAL GENERAL MEETING
5. Dividend Payment
If the dividend recommended by the Directors is approved, the dividend will be posted electronically on Thursday, April
27, 2023, to all shareholders whose names are registered in the Company’s Register of Members as at the close of business
on Friday, April 14, 2023, and who have completed the e-dividend registration and have mandated the Registrars to pay
dividend directly into their bank accounts.
6. Closure of Register of Members

The Register of Members will be closed on Monday, April 17, 2023, to enable the Registrars prepare for payment of
dividends.
7. Profiles of Directors for Re-election

The profiles of Ms. Angela Aneke, Mr. Abdulqadir Bello, FCA and Dr. Kayode Fasola who are seeking election/re-election,
are provided in the Annual Report.
8. Questions from Shareholders

Shareholders and other holders of the Company’s securities reserve the right to ask questions not only at the meeting, but
also in writing prior to and after the meeting on any item contained in the Annual Report and Accounts. Please send all
questions to [email protected].
9. Unclaimed Dividend Warrants and Share Certificates

Shareholders are hereby informed that a number of share certificates and dividend warrants which were returned to the
Registrars as unclaimed are still in the custody of the Registrars. A list of all unclaimed dividends will be circulated with
the Annual Report and Financial Statements. Any shareholder affected by this notice is advised to contact the Company’s
Registrars, Africa Prudential Plc, at 220B Ikorodu Road, Palmgrove, Lagos, or via email at [email protected] to lay
claim.
10. Audit Committee

In accordance with Section 404(3) of the Companies and Allied Matters Act 2020, the Audit Committee shall consist of
five members comprising of three Shareholders and two Non-Executive Directors. Section 404(6) of the Act also provides
that any member may nominate a shareholder as a member of the Audit Committee by giving notice in writing of
such nomination to the Company Secretary at least twenty-one days before the Annual General Meeting. The Financial
Reporting Council’s Nigerian Code of Corporate Governance provides that all members of the Audit Committee should
be financially literate and be able to read and understand financial statements. Consequently, a detailed curriculum vitae
confirming the nominee’s qualification should be submitted with each nomination.
Dated this 30th day of March, 2023.
By Order of the Board.
Bili A. Odum
Group Company Secretary/Legal Counsel
57 Marina, Lagos
FRC/2013/NBA/0000000195

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PROXY FORM
I/We,
Shareholder’s Name:
Address:
No. of Shares Held:

being the registered holder(s) of the ordinary shares of United Bank for Africa Plc (UBA) hereby appoint*
(block letters please)
or failing him/her, the Chairman of the Meeting as my/our proxy to vote for me/us on my/our behalf at the Annual Gen-
eral Meeting of the Bank to be held virtually via Zoom at https://www.ubagroup.com/2022AGM on Thursday, April 27,
2023 at 10:00AM or at any adjournment thereof.
Dated this day of 2023
Shareholder’s Signature:
NOTE:
1. A member (shareholder) who is unable to attend an Annual General Meeting is allowed to vote by proxy. This
proxy form has been prepared to enable you exercise your vote if you cannot personally attend. This form of
proxy together with the power of attorney or other authority, if any, under which it is signed or a notarial certified
copy thereof must reach the Registrar, Africa Prudential Plc, 220B, Ikorodu Road, Palmgrove, Lagos, or emailed to
[email protected] not later than 48hours before the time of holding the meeting.
2. If executed by a corporation, the proxy form should be sealed with the common seal or under the hand of some
officers or an attorney duly authorized.
3. In the case of joint holders, the signature of any one of them will suffice, but the names of all joint holders should
be shown.
4. Provision have been made on this form for the Chairman of the Meeting to act as your proxy, but if you wish you
may insert in the blank space on the form (marked*) the name of any person, whether a member of the Company
or not, who will attend the Meeting and vote on your behalf instead of the Chairman of the Meeting.
5. This proxy will be used only in the event of poll being directed, or demanded.
6. It is a legal requirement that all instruments of proxy must bear appropriate stamp duty (currently =N=500.00)
from the Stamp Duties Office, and not adhesive postage stamps.

Investor
Information
7. Please indicate by marking “X” in the appropriate space, how you wish your votes to be cast on the res-
olutions set out here, unless otherwise instructed, the proxy will vote or abstain from voting at his or her
discretion.
8. The proxy must produce the Admission form sent with the Report and Accounts to obtain entrance at the
Meeting.
This proxy form is solicited on behalf of the Board of Directors and is to be used at the Annual General
Meeting to be held on Thursday, April 27, 2023
RESOLUTIONS For Against Abstain

ORDINARY BUSINESS
1 To receive the Audited Financial Statements for the year
ended December 31, 2022, together with the Reports of
the Directors, Auditors, and the Audit Committee thereon
2 To declare a final dividend.
3 To re-elect the following Directors retiring by rotation:
3.1. Ms. Angela Aneke
3.2. Mr. Abdulqadir Bello, FCA
3.3. Dr. Kayode Fasola
4 To authorize the Directors to fix the remuneration of the
Auditors for the 2023 financial year.
5 To disclose the remuneration of Managers of the Bank.
6 To elect members of the Audit Committee.
SPECIAL BUSINESS
7 To consider and if thought fit, pass the following as an
ordinary resolution:
i. That the remuneration of the Directors of the Bank for
the year ending December 31, 2023 be and is hereby
¬fixed at N50 million only for each Director and N75
million for the Board Chairman.

This proxy form should NOT be completed and/or sent to the registered office of the Registrars if the member
will attend the meeting in person.
VIRTUAL ADMISSION LINK
Before posting the above form, please tear off this part and retain for admission at the meeting.
UNITED BANK FOR AFRICA PLC (RC 2457)
ANNUAL GENERAL MEETING
Please admit the shareholder named on this admission form or his/her duly appointed proxy to the Annual General Meet-
ing of the Company to be held virtually via Zoom at https://www.ubagroup.com/2022AGM, on Thursday, April 27, 2023,
at 10:00AM.
Name and Address of Shareholder:
Account Number:
Number of Shares Held:
Shareholder’s Signature:

Investor
Information
NOTE꞉ To fill this form online, please visit꞉ www.africaprudential.com/forms‑offers
BUA CEMENT PLC
BUA FOODS PLC
BENUE STATE GOVERNMENT BOND
CAP PLC
CAPPA AND D'ALBERTO PLC
CSCS PLC
CHAMPION BREWERIES PLC
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28. LIVINGTRUST MORTGAGE BANK
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
I/We hereby declare that the information I have provided is true and correct and that I shall be held personally 43.
44.
liable for any of my personal details. 
45.
46.
I/We also agree and consent that Africa Prudential Plc ("Afriprud") may collect, use, disclose, process and deal 
47.
in any manner whatsoever with my/our personal,  biometric and shareholding information set out in this form 
48.
and/or otherwise provided by me/us or possessed by Afriprud for administration of my/our shareholding and 
49.
matters related thereto. 50.
51.
52. VFD GROUP PLC
53. WEST AFRICAN GLASS IND PLC
SCAN 
To Download Shareholders’ Forms

Investor
Information
E‑SHARE PORTAL FORM
BUA CEMENT PLC
BUA FOODS PLC
BENUE STATE GOVERNMENT BOND
CAP PLC
CAPPA AND D'ALBERTO PLC
CSCS PLC
CHAMPION BREWERIES PLC
17.
18.
19.
20.
21.
22.
23.
24.
1. 2. 25.
26.
27.
*
8.   DATE OF BIRTH 28. LIVINGTRUST MORTGAGE BANK
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
I/We hereby declare that the information I have provided is true and correct and that I shall be held  44.
personally liable for any of my personal details.  45.
46.
I/We also agree and consent that Africa Prudential Plc ("Afriprud") may collect, use, disclose, process  47.
and deal in any manner whatsoever with my/our personal,  biometric and shareholding information set  48.
out in this form and/or otherwise provided by me/us or possessed by Afriprud for administration of  49.
my/our shareholding and matters related thereto. 50.
51.
52. VFD GROUP PLC
53. WEST AFRICAN GLASS IND PLC
SCAN 
To Download Shareholders’ Forms

Investor
Information
BUA CEMENT PLC

BUA FOODS PLC
BENUE STATE GOVERNMENT BOND
CAP PLC
CAPPA AND D'ALBERTO PLC
CSCS PLC
CHAMPION BREWERIES PLC
17.
18.
19.
20.
21.
Date Of Birth 22.
23.
24.
25.
26.
27.
28. LIVINGTRUST MORTGAGE BANK
29.
30.
Previous Address
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
I/We hereby declare that the information I have provided is true and correct and that I shall be held 46.
personally liable for any of my personal details. 47.
48.
I/We also agree and consent that Africa Prudential Plc ("Afriprud") may collect, use, disclose, process 49.
and deal in any manner whatsoever with my/our personal, biometric and shareholding information set 50.
51.
out in this form and/or otherwise provided by me/us or possessed by Afriprud for administration of
my/our shareholding and matters related thereto. 52. VFD GROUP PLC
53. WEST AFRICAN GLASS IND PLC
SCAN
To Download Shareholders’ Forms

Investor
Information
GENDER: DATE OF BIRTH:
On behalf of Plc/Ltd, we hereby agree jointly and severally keep the company and/or the Registrar or other persons acting on
their behalf fully indemnified aganist all action, proceedings, liabilities, claims, losses, damage, costs and expenses in relation to or arising out of your accepting to re-issue to the rightful owner the
shares/stocks, and to pay you on demand, all payments, losses, costs and expenses suffered or incurred by you in consequence thereof or arising therefrom. We/I also agree and consent that
Africa Prudential Plc ("Afriprud") may collect, use, disclose, process and deal in any manner whatsoever with my/our personal, biometric and shareholding information set out in this form and/or
otherwise provided by me/us or possessed by Afriprud for administration of my/our shareholding and matters related thereto.
SCAN
To Download Shareholders’ Forms

Investor
Information
Directors Retiring by Rotation

and Seeking Re-election
Angela Aneke
Ms. Angela Aneke is a Associate of the American Institute of Certified Public

board advisor, banker and Accountants in 1985. She also holds a Master of Business
a strategic thinker with Administration from Warwick Business School, University of
over 30 years’ experience in Warwick, UK. She has attended several courses in banking
financial services, in the areas and governance including Harvard Business School’s “Making
of financial control, strategy, Corporate Boards More Effective” and Wharton’s University
transaction banking, corporate banking, retail banking, and of Pennsylvania’s Corporate Governance: “Maximize your
governance. Ms. Aneke has held executive management effectiveness in the Board room.”
and board positions in several international and regional
institutions, including Ecobank Transnational Incorporated, She is currently the Chairman of the Board Audit & Governance
Citigroup and the United Bank for Africa. Committee and also serves on the Board Risk Management
Committee.
Angela holds a Bachelor of Science degree from The American
University, Washington DC, USA and became an International
Abdulqadir J. Bello
Mr. Abdulqadir J. Bello, a in various Banks. He also previously served as the Group Chief
Chartered Accountant, has over Credit Officer of UBA and thereafter as the Executive Director
30 years’ corporate experience in charge of Risk Management for UBA Group. Abdulqadir
in the banking sector, during Bello is the Chairman of the Board Credit Committee and also
which period he held several senior Management positions serves on the Board Risk Management Committee
Kayode Fasola
Dr. Kayode Fashola is a development, performance management and corporate

consummate professional governance.
with over 30 years’ cognate
experience obtained from Dr. Fashola previously served as an Executive Director of a
Management and Board positions covering banking commercial Bank in Nigeria. Dr. Fashola holds two masters’
operations, risk management, credit/financial analysis, degrees and a Ph.D. in Business Administration specialising in
insurance, asset management, business strategy/ Entrepreneurial financing. He also serves on the Board Credit
Committee and the Board Audit and Governance Committee.

07
Corporate
Information
Leadership and Contact Details of
Subsidiaries/Foreign Operations
Corporate Information
Shareholders’ Information
Leadership and Contact
Details of Subsidiaries/
Foreign Operations
Dorothe Gounon Charles Kone

NED UBA BENIN MD UBA BENIN
BENIN
Cotonou, Patte d’Oie, Cotonou, Patte d’Oie, Cadjehoun,
Cadjehoun, Quartier Awhanleko, Quartier Awhanleko, Ilôt 610,
Ilôt 610, Parcelle zb Parcelle zb
Tel: +22997113333 Tel: +229 97 97 01 25
Damo Justin Baro Julien Kouassi

CHAIRPERSON MD/CEO
BURKINA
FASO
1340, Avenue Dimdolobsom, 1340, Avenue Dimdolobsom,
Ouagadougou Ouagadougou
Tel: +226 76 20 50 86 Tel: +226-54618031
Ebenezer Essoka Jude Anele

CHAIRPERSON MD/CEO
CAMEROON
Boulevard de la liberte Boulevard de la liberte
Akwa Douala Akwa Douala
Tel: +237 679 996 125 Tel: +237-682269520
Tidjani Badaoui Natolban Noubasra

CHAIRPERSON MD/CEO
CHAD
Avenue Charles De Gaulle, Avenue Charles De Gaulle,
N’Djamena, Chad N’Djamena, Chad
Tel: +235 66 29 88 53

Corporate Strategy & Sustainability Governance Financial Investor
Corporate
Information
Alexis Vincent Vincent de Paul Ngimbock

CHAIRPERSON MD/CEO
CONGO
BRAZZAVILLE
37, av William Guynet face 37, av William Guynet face
Rond Point City Center, Rond Point City Center,
Congo Brazzaville Congo Brazzaville
Tel: +242-065115800
Bernard Mavambu Annie Ekeme

CHAIRPERSON MD/CEO
CONGO DRC
1853 Avenue de la liberation 1853 Avenue de la liberation
Kinshasa, Gomb, Congo (DRC) Kinshasa, Gomb, Congo (DRC)
Tel: +243815818148 Tel: +243 811 668 668
Kouame Kouassi Sarata Kone

CHAIRPERSON MD/CEO
COTE
D’IVOIRE
Boulevard Botreau-Roussel Boulevard Botreau-Roussel
Immeuble Kharrat 2eme Etage, Immeuble Kharrat 2eme Etage,
17 BP 808, Abidjan 17 17 BP 808, Abidjan 17
Tel: +2250708393131
Jean Claude Alevina Eugenia Onyekwelu

CHAIRPERSON MD/CEO
GABON
Vallee Sainte Marie, Vallee Sainte Marie,
Boulevard Triomphal, Boulevard Triomphal,
Libreville Libreville
Tel: +24177732850
Kweku Awotwi Chris Ofikulu

CHAIRPERSON MD/CEO
GHANA
Heritage Tower, Heritage Tower,
Ambassadorial Enclave. GA- Ambassadorial Enclave.
077-1906, Ridge, Accra GA-077-1906, Ridge, Accra
Tel: 0544 331 194 Tel: +233-593850895

Rayhanatou Diallo Antoine Cherif
CHAIRPERSON MD/CEO
GUINEA
Rue du Chateau d’eau - Marche Rue du Chateau d’eau - Marche
Niger, Kaloum, Guinea Niger, Kaloum, Guinea
Tel: 0024 622 355 416 Tel: +224-628 35 68
Alphan Njeru Chike Isiuwe

CHAIRPERSON MD/CEO
KENYA
2nd Floor, Imperial Court, 2nd Floor, Imperial Court,
Westlands Road, Westlands Road,
Nairobi Nairobi
Tel: +254 725465519
Ebele Ogbue Ayokunle Olajubu

CHAIRPERSON MD/CEO
LIBERIA
Broad & Nelson Streets, Broad & Nelson Streets,
Monrovia, Liberia Monrovia, Liberia
Tel: +254-711-027140 Tel: +2347034049268
Idrissa Traore Rokia Hacko

CHAIRPERSON MD/CEO
MALI
Hamdallaye ACI 2000 Rue 360 Hamdallaye ACI 2000 Rue 360
Porte 385 Avenue De La Paix, Porte 385 Avenue De La Paix,
Bamako Bamako
Tel: +223-44904512/4513
Filipe Mandlate Rotimi Morohunfola

CHAIRPERSON MD/CEO
MOZAMBIQUE
Av, Zedequias Manganhela, Av, Zedequias Manganhela,
267, Edifício JAT 4, 267, Edifício JAT 4,
Piso 7, Maputo Piso 7, Maputo
Tel: +258 84 3023480 Tel: +258-850299148

Corporate
Information
Amadou Thioye Tony Odeigah

CHAIRPERSON MD/CEO
SENEGAL
Zone 12 Almadies, Dakar Zone 12 Almadies, Dakar
Tel: +221 771410042 Tel: +221-777405932
Claudius Barts Williams Mohamed Samoura

CHAIRPERSON MD/CEO
SIERRA
LEONE
9, Charlotte Street Freetown 9, Charlotte Street Freetown
Tel: +232 76 850 031 Tel: +23276340740
Amb. Tuvako Manongi Gbenga Makinde

CHAIRPERSON MD/CEO
TANZANIA
30C/30D Nyerere Road, 30C/30D Nyerere Road,
Dar es Salaam Dar es Salaam
Tel: +255 693 909 090
Kigozi Mustapha Chioma Mang

CHAIRPERSON MD/CEO
UGANDA
Plot 2, Jinja Road, Plot 2, Jinja Road,
Kampala Kampala
Tel: +256701000555
Tukiya Kankasa-Mabula Chinedu Obeta

CHAIRPERSON MD/CEO
ZAMBIA
Stand 22768, Stand 22768, Thabo Mbeki
Thabo Mbeki Road, Road, Lusaka
Lusaka Tel: +260960750455

Corporate
Information
Registered Office
UBA House
57 Marina,
Lagos, Nigeria
Company Registration
RC: 2457
Tax Identification Number (TIN)

01126011 – 0001
Company Secretary
Bili Odum
Auditors
Ernst & Young
10th Floor
UBA House
57 Marina Rd,
Lagos, Nigeria
www.ey.com
Registrars
Africa Prudential Plc
220B Ikorodu Road
Palmgrove Bus Stop Palmgrove, Lagos, Nigeria
Phone +234-1-8752604
www.africaprudentialregistrars.com

Corporate
Information
Shareholders’
Information
The Bank maintains an investor relations section on Investor Complaint Channels:

its website (https://www.ubagroup.com/investor-
relations/) which provides access to share price data, UBA Plc has a Complaint Framework for Investors
earnings press releases, copies of annual reports, and the Investing Public. This policy is published on
presentations on interim reports, credit rating reports the Bank’s website: (https://www.ubagroup.com/
and other useful investor information. investor-relations/). Major complaints help channels
deployed by the Bank to address investor complaints
are stated below.
Contact us:
For all enquiries on shareholding, financial and Email:
business update, please contact our Investor [email protected]
Relations desk or Company Secretariat via the below
contact details: Telephone line:
+234 1 2808760
Mailing address:
Investor Relations Department, UBA House, 57
Investor Relations Marina, Lagos, Nigeria
UBA House (14th Floor) Shareholders who have any complaint are enjoined to
57 Marina, Lagos kindly contact the Investor Relations unit of the Bank
Tel: +234-1-280-8760 for prompt resolution. Shareholders can also request
copies (electronic or hard copies) of the complaint
framework, which can also be downloaded on our
website in the address stated above.
Bili A. Odum
Group Company Secretary
UBA House (3rd Floor)
57 Marina, Lagos
Tel: +234 1 2807 012
Email: [email protected]

NOTE

Africa’s
Global
Bank
With presence in 20 African countries and 4 global financial centres: London, New York, Paris
and Dubai, UBA is connecting people and businesses through retail and corporate banking,
innovative cross-border payments and trade finance.
Talk to us:
For enquiries, please call us on:
(+234)01-2808822 (2808UBA)
(+234)01-6319822
(+234)07002255-822
(0700-CALL-UBA)
or email [email protected]
www.ubagroup.com

Uba Annual Report Accounts 2022

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Profit before income tax 131,860 111,287 58,360 70,063 LIABILITIES

Net amount transferred to the income statement (10,577) businesses

32,451 26,091 (5,448) 39,021

Total comprehensive income for the period 157,091

Report on the summary interim consolidated and separate financial statements

retail customers, served through

robust physical and electronic

No. 6, 2011 and Central Bank of Nigeria circulars.

The audited financial statements and our report thereon

UNITED BANK FOR AFRICA PLC

Financial Statements Investor Information

7 280 | Leadership and Contact Details of

UNITED BANK FOR AFRICA PLC

UBA was incorporated in Nigeria as a limited liability company after

ENTERPRISE EXCELLENCE EXECUTION

UNITED BANK FOR AFRICA PLC

Branches and Active POS Machines

ATMs African Operations

Leo Users Agents

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

2022 ANNUAL REPORT AND ACCOUNTS

Tony O. Elumelu, CFR

Tony O. Elumelu is an Tony is the most prominent champion of entrepreneurship in

UNITED BANK FOR AFRICA PLC

Joe Keshi, OON

UNITED BANK FOR AFRICA PLC

Ms. Angela Aneke is a International Associate of the American Institute of Certified

UNITED BANK FOR AFRICA PLC

Erelu Angela Adebayo

Dr. Kayode Fashola is a development, performance management and corporate

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

Muyiwa is the Deputy as the CEO/MD between 2010 and 2011.

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

Wilfred holds a Bachelor of Science Degree in Agricultural Nigeria.

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

On behalf of the Board of Directors, I am pleased to present

The Group navigated the challenging economic landscape

UNITED BANK FOR AFRICA PLC

We have put in place a tested talent management approach

These results are particularly significant, when viewed in the

UNITED BANK FOR AFRICA PLC

UNITED BANK FOR AFRICA PLC

I am humbly pleased to present this 2022FY report to you,

UNITED BANK FOR AFRICA PLC