UNION BANK OF NIGERIA : AUDITED FINANCIAL STATEMENT FOR 2021

Union Bank of Nigeria Plc

Annual Report

31 December 2021

Table of Contents

PageCorporate Information 03

Management Team 04

Corporate Governance Report 05

Directors' Report 23

Statement of Directors' Responsibilities in the preparation of the Consolidated and 41 Separate Financial Statements

Statement of Corporate Responsibility for the Financial Statements 42

Report of the Statutory Audit Committee 43

Independent Board Evaluation Report 44

Independent Auditor's Report 45

Consolidated and Separate Statements of Profit and Loss and Other Comprehensive 51

Income

Consolidated and Separate Statements of Financial Position 53

Consolidated and Separate Statements of Changes in Equity 54

Consolidated and Separate Statements of Cash Flows 58

Notes to the Financial Statements 60

Other National Disclosures: 180

Value Added Statement 181

Five-year Financial Summary 182

CORPORATE INFORMATIONDirectors

Beatrice Hamza Bassey (Mrs.)	-	Board Chair
Emeka Okonkwo*	-	Chief Executive Officer
Omolola Cardoso (Mrs.)	-	Executive Director
Joseph Mbulu	-	Executive Director/Chief Financial Officer/Executive
Compliance Officer
Aisha Abubakar (Mrs.)1	-	Independent Non-Executive Director
Obafunke Alade-Adeyefa (Mrs.)	-	Independent Non-Executive Director
Richard Burrett	-	Non-Executive Director
Ian Clyne	-	Non-Executive Director
Kenroy Dowers	-	Non-Executive Director
Paul Kokoricha	-	Non-Executive Director
Taimoor Labib	-	Non-Executive Director
Emeka Ogbechie	-	Non-Executive Director
Mark Patterson	-	Non-Executive Director

* Appointed CEO with effect from 1st April 2021 1 Appointed with effect from 9th September 2021

Emeka Emuwa - Chief Executive Officer

Retired with effect from 31st March 2021

Adekunle Sonola - Executive Director Retired with effect from 30th March 2021

Company Secretary

Somuyiwa Adedeji Sonubi FRC/2013/NBA/00000002061

Registered office

Union Bank of Nigeria Plc Stallion Plaza

36 Marina Lagos

Auditor

Ernst and Young

UBA House (10th & 13th Floors), 57 Marina,

Lagos.

Registrar & Transfer Office CardinalStone Registrars Limited 335/337 Herbert Macaulay Way Yaba

Lagos

Board Appraiser

DCSL Corporate Services Limited 235, Ikorodu Road, Ilupeju Lagos

Annual Report

31 December 2021

Management Team
1	Emeka Okonkwo	Chief Executive Officer
2	Omolola Cardoso	Head, Retail Banking/Chief Digital and Innovation Officer
3	Joseph Mbulu	Chief Financial Officer (CFO)/Executive Compliance Officer (ECO)
4	Abolade Jegede	Regional Executive
5	Olusola Olubi	Head, Corporate Banking
6	Ogochukwu Ekezie-Ekaidem	Chief Brand and Marketing Officer
7	Abigail Duopama-Obomanu	Chief Compliance Officer
8	Miyen Swomen	Chief Talent Officer
9	Olajumoke Sherifat Odulaja	Chief Risk Officer
10	Olatayo Baruwa	Chief Credit Officer
11	Chidi Ileka	Regional Executive
12	Ikechukwuka Emerole	Head, Treasury
13	Gloria Omereonye	Area Business Executive
14	Morenike Olabisi	Head, CBG Food and Beverages
15	Ali Kadiri	Head, CBG General
16	Helen Brume	Head, Oil and Gas/Specialized Markets
17	Mobolade Ojeahere	Head, Transaction Banking
18	Oluwagbenga Adeoye	Head, Financial Control
19	Prince Akamadu	Chief Audit Executive
20	Sesan Sobowale	Head, Legal
21	Oluwayomi Ibosiola	Chief Data and Analytics Officer
22	Ayotunde Ojo-Awosika	Area Business Executive
23	Somuyiwa Sonubi	Company Secretary
24	Dupe Ogunbiyi	Head, Services
25	Tiwa Ademoyega	Head, Assets and Liability Management
26	Francis Mojoyinola	Head, Internal Control
Subsidiaries
27	David Forster	Managing Director, Union Bank (UK) Plc
28	Tosin Osikoya	Managing Director, UBN Property Company Plc

CORPORATE GOVERNANCE REPORT

Corporate Governance practice in Union Bank of Nigeria Plc ("UBN" or "the Bank") are as codified in the Central Bank of Nigeria's ("CBN") Code of Corporate Governance of 2014, the Securities and Exchange Commission ("SEC") Code of Corporate Governance of 2011, the Nigerian Code of Corporate Governance of 2018 by the Financial Reporting Council of Nigeria ("FRCN"), the Banks and Other Financial Institutions Act of 2020 (as amended) and other relevant statutes. All these provide guidance for the governance of the Bank, compliance with regulatory requirements and form the basis of the core values upon which the Bank is run. These codes and statutes are geared towards ensuring the accountability of the Board of Directors ("the Board") and Management to the stakeholders of the Bank and emphasize the need to meet and address the interests of a range of stakeholders, to promote the long-term sustainability of the Bank.

UBN is committed to the best corporate governance practices and believes that adherence and commitment to high governance principles and standards is the panacea for effective control and management of the Bank. The principle of good corporate governance practices remains one of our core values and an important ingredient in creating, protecting, promoting, and sustaining shareholders' interests, rights and values, as well as delivering excellent service to our customers. The Bank is committed to the highest ethical standards and transparency in the conduct of its business.

In compliance with the requirements of the CBN, the Bank undertakes internal reviews of its compliance with defined corporate governance practices and submits reports on the Bank's compliance status to the CBN. Also, an annual Board appraisal review is conducted by an independent consultant appointed by the Bank, DCSL Corporate Services Limited, whose report is submitted to the CBN and presented to shareholders at the Annual General Meeting (AGM) of the Bank, in compliance with the provisions of the CBN Code of Corporate Governance.

Securities Trading Policy

To further demonstrate its commitment to transparency and ensure compliance with regulatory requirements, the Bank has a Securities Trading Policy in line with the Codes of Corporate Governance of the CBN and SEC respectively, and Section 14 of the Amendment to the Listings Rules of the Nigerian Exchange Group (NGX). The Policy sets out the process by which directors, staff, shareholders, key management personnel, third party service providers or any other connected persons who have direct or indirect access to the Bank's insider information can deal in the Bank's securities. It also prohibits the trading of the Bank's securities during 'Closed Periods'. The policy is designed to ensure that its compliance is monitored on an ongoing basis.