In pursuance of the Code of Best Practices on Corporate Governance in Nigeria, 2003 (“the Code”) we hereby report as follows:

By the Articles of Association of the Company, the business of the Company shall be controlled and managed by the Directors, who may exercise all such powers of the Company as are not by statute or the articles to be exercised by the Company in General Meeting.

The Board of Directors is composed of a non-Executive Chairman, the Group Managing Director/Chief Executive Officer, an Executive Director and five non-executive directors with an alternate director for two of the non-executive directors.

The Board functions through two standing Committees, to wit, the General Purposes Committee and the Remuneration and Compensation Committee.

The Governance and Remuneration Committee

The Committee is made up of:

a) Lt Gen Mohammed Inuwa Wushishi (rtd) ----Chairman
b) Dr Nkosanna  D Moyo----------------------------Member
c) Senator Udoma  U Udoma-----------------------Member
d) Mr Larry  E Ettah ---------------------------------Member

Audit & Risk Committee

a) Chief Samuel  O Bolarinde ---------------------Member
b) Mr Simon  G Harford------------------------------Member
c) Senator Udoma  U Udoma-----------------------Member
d) Mr Larry  E Ettah  --------------------------------Member
e) Mr Olayiwola  A Adetomiwa --------------------Member

Statutory Audit Committee

a) Mr Olabisi Fayombo------------------------------Chairman
b) Mr Keneth Nnabike ------------------------------Member
c) Prince Gabriel  A Olagunju ----------------------Member
d) Chief Samuel O Bolarinde  ----------------------Member
e) Mr Simon G Harford -------------------------------Member
f) Mr Olayiwola A Adetomiwa  ----------------------Member