Folio 2 CIBN Press Limited 2021 Annual Reports and Account

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TABLE OF CONTENTS

i. NOTICE OF ANNUAL GENERAL MEETING
ii. PROXY FORM
iii. DIRECTORS AND ADVISERS
iv. PROFILE OF DIRECTORS
v. MANAGEMENT TEAM
vi. CHAIRMAN’S STATEMENT
vii. REPORT OF THE DIRECTORS
viii. CORPORATE GOVERNANCE REPORT
ix. SUSTAINABILITY REPORT
x. INDEPENDENT AUDITOR’S REPORT
xi. STATEMENT OF COMPREHENSIVE INCOME
xii. STATEMENT OF FINANCIAL POSITION
xiii. STATEMENT OF CHANGES IN EQUITY
xiv. STATEMENT OF CASHFLOWS
xv. NOTES TO THE FINANCIAL STATEMENTS
xvi. VALUE ADDED STATEMENT
xvii. FIVE YEARS FINANCIAL SUMMARY

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NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN to you that the Annual General Meeting of CIBN Press
Limited will be held virtually at its registered office as follows:

Date: October 11, 2022
Venue: Bankers House (virtual)
Time: 11:00 a.m. - 1:00pm

ORDINARY BUSINESS
a) To receive and consider the Audited Financial Statements for the period from
January 1, 2021, to December 31, 2021, together with the reports of the Directors
and Auditors, respectively.

SPECIAL BUSINESS
a) To deliberate on the Feasibility report on CIBN Press Limited.
b) To consider the Going Concern of CIBN Press Limited

PROXY
A person entitled to attend and vote at the meeting is entitled to appoint a proxy to
attend and vote in his / her stead. A proxy need not be a member of the company. To
be valid, the Proxy Form must be duly signed by the shareholder and stamped at the
stamp duties office and returned to the company’s registered office at the Bankers House,
PC 19, Adeola Hopewell, Victoria Island, Lagos, not less than 48 hours before the date
and time scheduled for the meeting.

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CIBN PRESS LIMITED AT A GLANCE
The CIBN Press Ltd a subsidiary of The Chartered Institute of Bankers of Nigeria (CIBN)
is a Limited Liability Company, established and incorporated on June 7, 1994 as a Private
Company Limited by Shares and commenced business in 1996 at 7 Turton Street, Sabo-
Yaba, Lagos (currently known as CIBN Learning Center). The Press currently carries out
its business at A. A Plaza, 4 Araromi Street, Okesuna Shomolu, Lagos since August 2017.

RESPONSIBILITIES –
The major responsibilities of the company include:

• To carry on the business of publishing all and any form of paper, book, or records.
• To carry on any form of printing, calligraphing and other forms of engravings

related to publishing.

GOVERNANCE AND MANAGEMENT
The CIBN Press is governed by a Board of Directors (thereinafter referred to as “the
Board”) established by virtue of the Article of Association of the company. The tenure of
the Board is for 5 years.

The Company is governed and guided by the Companies and Allied Matters Act 2020, The
CIBN Act, the Memorandum and Article of Association, Nigerian Code of Corporate
Governance 2018, the Board’s Charter, as well as other relevant codes.

The current General Manager of the CIBN Press Limited was seconded by the Chartered
Institute of Bankers of Nigeria to manage its affairs. The Senior Manager, Finance &
Admin and the Deputy Director, Secretariat Services of the Chartered Institute of Bankers
of Nigeria offer financial and secretarial services to the Company, respectively.

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THE BOARDS OF DIRECTORS OF THE PRESS FROM 2000 TO 2022:

TABLE 1: Board Members Attendance of Meetings From 2009 – 2010

S/N NAME DESIGNATION

1. Deacon Segun Ajibola, FCIB CHAIRMAN, Non-Executive Director

2. Dr. Uju Ogubunka, FCIB Non-Executive Director

3. Mr. Bayo Olugbemi, FCIB Non-Executive Director

4. Mr. Soji Olagunju, FCIB Non-Executive Director

TABLE 2: BOARD MEMBERS FROM 2010 – 2014

S/ NAME DESIGNATION

N

1. Dr. Uche Olowu, FCIB Chairman, Non- Executive Director

2. Mr. Bayo Olugbemi, FCIB Non- Executive Director

3. Dr. Uju Ogubunka, FCIB Non- Executive Director

4. Mr. Soji Olagunju, FCIB Non- Executive Director

TABLE 3: BOARD MEMBERS 2014-2017

S/N NAME DESIGNATION

1. Mr. Bayo Olugbemi, FCIB Chairman- Non- Executive Director

2. Ms Bunmi Lawson, MCIB, HCIB Non- Executive Director

3. Samuel Oyeleke Non- Executive Director

4. Mr. Seye Awojobi, FCIB Non- Executive Director

5. Mr. Charles Mordi Non- Executive Director

TABLE 4: BOARD MEMBERS 2014-2017

S/N NAME DESIGNATION

1. Mr. Ken Opara, FCIB Chairman- Non- Executive Director

2. Mr. Samuel Oyeleke Non- Executive Director

3. Ms. Bunmi Lawson, MCIB, HCIB Non- Executive Director

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4. Mr. Seye Awojobi, FCIB Non- Executive Director
5. Mr. Unah B. Uwah Non- Executive Director
6. Mr. Bayo Olugbemi, FCIB Non- Executive Director

TABLE 5: BOARD MEMBERS 2017-2019

S/N NAME DESIGNATION

1. Prof. Pius Olanrewaju, FCIB Chairman- Non- Executive Director

2. Prof. Russell O. L Somoye, HCIB Non- Executive Director

3. Mr. Tonie Obiefun, HCIB Non- Executive Director

4. Mr. Seye Awojobi, FCIB Non- Executive Director

5. Ms Bunmi Lawson, MCIB, HCIB Non- Executive Director

6. Mr. Samuel Oyeleke Non- Executive Director

7. Mr. Olumide Odunuga Non- Executive Director

TABLE 5: BOARD MEMBERS 2019-2024

S/N NAME DESIGNATION

1. Prof. Pius Olanrewaju, FCIB Chairman -Non- Executive Director

2. Prof. Russell O. L Somoye, HCIB Non- Executive Director

3. Mr. Dele Alabi, FCIB Non- Executive Director

4. Mr. Seye Awojobi, FCIB Non- Executive Director

5. Mrs Caroline Anyanwu, FCIB Non- Executive Director

6. Mr. Samuel Oyeleke Non- Executive Director

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PROFILE OF THE CURRENT DIRECTORS

Prof. Pius Olanrewaju, Ph.D, FCIB
Prof. Olanrewaju, Pius Oladeji is a Professor of Banking Law. He is a thorough-bred
professional and seasoned academic. An Alumnus of University of Ife (now OAU), Lagos
State University and Olabisi Onabanjo University.
His career transverses the economy for the past (30) thirty years in banking,
management, legal consultancy and academics. Prof. Olanrewaju belongs to many
professional organisations among which are the Chartered Institute of Bankers of Nigeria
Institute of Capital Market Registrars and the Nigerian Bar Association. He is well nurtured
in Banking Law and has co-authored several books and articles in learned journals. Prof.
Olanrewaju is currently the Provost/Dean at the School of Law and Security Studies,
Babcock University, Ilisan.
Professor Olanrewaju has served in several Committees of the Governing Council of the
Chartered Institute of Bankers of Nigeria, where he is currently the 1st Vice President. He
has also served in the Committees of the Institute of Chartered Secretaries and

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Administration. He has served as the Chairman of the CIBN Press Limited Board of
Directors since 2017 till date.
Prof. Olanrewaju has also served as Chairman of various committees/subcommittee of
the Institute, including Banking Certificate Syllabus Development Committee, CIBN Result
Audit Sub-Committee, Membership Drive Committee Lagos Branch, Examination
Committee of (CIBN), Capacity Building and Certification Committee, Investigation Panel
CIBN, CIBN ICT Investigation Committee, Association of Professional Bankers in
Education (APBE), Finance and General Purpose Committee, Disciplinary Tribunal, Board
of Fellows and Practice Lience and Education Committee Institute of Capital Market
Registrars.
He has also greatly contributed to banking education as Chief Exam Auditor, Chartered
Institute of Secretaries and Administrators (ICSAN), Chief Examiner, Chartered Institute
of Stockbrokers, Chief Examiner, Institute of Capital Market Registrars.
He is happily married with children.

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Dele Alabi

Dele Alabi has over 28 years of diversified experience in banking, having worked in
various areas including Treasury and Financial Institutions, Strategy and Business
Development, Corporate Banking, Finance, Controls and Risk Management functions in
the Ecobank Group. He also has country supervision and management experience, as the
pioneer Managing Director for Ecobank Uganda since inception in January 2009 till August
2011. He joined Ecobank Nigeria in 1993 and rose to senior management position in the
affiliate before his transfer to the group in January 2007. He was a member of the team
involved in growing Ecobank franchise in the East and Southern African region between
2007 and 2008. Prior to joining Ecobank Nigeria PLC in 1993, he worked for 5 years in
Arthur Andersen & Co (now KPMG Professional Services), an international audit and
consulting firm. He is currently the Managing Director for Ecobank Transnational
Incorporated (ETI) Specialised Finance Company, Mauritius. Prior to this appointment, he
was the Executive Director (Finance and Control) for Ecobank Nigeria, a position he held
from September 2011 to December 2016.

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Dele holds a First Class Honours degree in Accounting from the University of Ife and an
MBA (specializing in Finance) from the University of Lagos. He is an award - winning
Chartered Stockbroker (Fellow), Chartered Accountant (Fellow), Chartered Banker
(Fellow) and Chartered Tax practitioner (Associate). He is also an Alumni of both the
Havard Business School and Wharton University of Pennsylvania.
Dele is the President of the West African Bankers Association (Nigeria Chapter). He is also
a member of the Governing Council and the current 2nd Vice President of the Chartered
Institute of Bankers of Nigeria.
He is happily married with children.

Oluseye Awojobi, Ph.D, FCIB
’Seye Awojobi, Ph.D, FCIB, is currently the Registrar/Chief Executive Officer of The
Chartered Institute of Bankers of Nigeria (CIBN). He holds a Doctorate degree in Business
Administration with specialisation in Entrepreneurship from Babcock University, Ilisan-
Remo; He is also a holder of Masters Degree in Business Administration with specialisation

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in Marketing as well as a first degree in Banking and Finance (Second Class Upper) from
Olabisi Onabanjo University, Ago Iwoye, Ogun State. He qualified as an Associate Member
of The Chartered Institute of Bankers of Nigeria in 1990 and was elected a Fellow of same
Institute in 2008. He is a life member of the prestigious Institute of Directors (IoD);
Associate Member, Institute of Chartered Mediators & Conciliators; as well as an Associate
member, Nigerian Institute of Management (Chartered).

’Seye began his banking career in January 1986 with the then National Bank of Nigeria
Ltd. He had a brief stint with Afribank Nigeria Plc while on National Service and later
joined People’s Bank of Nigeria (now Bank of Agriculture) as the Manager in charge of
People’s Emergency Deposit Scheme (PEDS) in 1992.

After spending a decade of meritorious service in mainstream banking, he proceeded to
join the services of The Chartered Institute of Bankers of Nigeria (CIBN), Lagos Branch
in 1996 as Admin Manager till December 1999. He moved further in his service to the
National Secretariat of the Institute in January 2000 as an Assistant Manager in the
Consultancy, Training and Research Directorate of the Institute where he brought to fore
his experience and background as a qualified educationist (N.C.E 1985) and professional
banker, to further developed his knack for core Research, Consultancy and professional
banking education.

Prior to his appointment as substantive Registrar/Chief Executive in March 2015, he had
served in notable strategic positions in the Institute of Bankers as acting Registrar/Chief
Executive, Group Head/Deputy Director, Directorate of Ethics and Professionalism; Group
Head, Directorate of Education; Group Head, Directorate of Consultancy, Training and
Research; Zonal Coordinator Abuja Zonal Office (Northern Region).

Dr. Awojobi, a seasoned Professional Banker, Scholar, Trainer and Consultant has
participated in several consulting activities on banking and allied matters locally and
internationally including the Federal Government of Nigeria/ European Union (FGN/EU)

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State Economic Empowerment Development Strategy (SEEDS) assessment; the Financial
System Strategy 2020 (FSS 2020) Project of the Central Bank of Nigeria. He successfully
coordinated the formation and inauguration of the Global Banking Education Standards
Board (GBEStB) as a member of the global taskforce charged with this assignment. He
was also elected a member of the Education Committee of the GBEStB. He is a member
of Bankers’ Committee Subcommittee on Competency Framework and also serves as
Secretary, Bankers’ Committee Subcommittee on Ethics and Professionalism for the
Nigerian Banking industry; Member, Board of Governors of Institute of Directors Centre
for Corporate Governance (IoDCCG); Member/Vice Coordinator, Tertiary Education Trust
Fund (TETFUND) Research and Development Strategic Committee, ICT/Digital Economy
Thematic Group. He is currently the Chairman, Alliance of African Institutes of
Bankers (AAIOB) which is headquartered in Abuja. A widely travelled professional who is
also happily married.

Mrs Caroline Chidiebere Anyanwu, FCIB
Mrs. Caroline Chidiebere Anyanwu holds a first-class Degrees in Statistics, a Fellow of the
Institute of Chartered Accountants of Nigeria (FCA) and a price winner in the ICAN
Professional qualifying examination. She is an Honorary Fellow of the Chartered Institute

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of Bankers of Nigeria (FCIB), an Associate Member of the Chartered Institute of Taxation
of Nigeria (ACTI) and a member of the Risk Management Association of Nigeria.

She is also an Alumnus of the Harvard Business School Advance Management Programme
with over 30 years of experience in the Banking Industry covering: Strategic Planning,
Financial Control, Retail and Commercial Banking, Banking Operations and Risk
Management.

Mrs Anyanwu is the Founder/Principal Consultant of Fineline Business Advisory Ltd, a
Non- Executive Director of Garden Court Investment Ltd – A property development and
Management Company, an Independent Non-Executive Director of FCMB Pensions Ltd –
a Subsidiary of FCMB Plc and a Non-Executive Director of UBA Plc.

To prepare and position herself for the tasks in the Banking Industry, she had the benefit
of obtaining top-rated core basic and intermediate management competencies as a
trainee accountant in Price Waterhouse (Chartered Accountants) - Now Price Waterhouse
Coopers - from 1985 to 1988.

Mrs Anyanwu’s exposure to the Nigerian Banking Industry commenced in African
Continental Bank Ltd in 1988 in the Strategic Planning Unit from where she proceeded to
join the pioneer team of Oceanic Bank International Ltd in 1990 in the Financial Control
function. As part of skill acquisition training, she moved to Credit and Marketing Group in
January 1992 with responsibility for Retail Credit and account management and in 1993,
she moved to Banking Operations function where she rose to the position of Assistant
General Manager/Head of Banking Operations before leaving the Bank in September
1996.

Mrs Anyanwu joined United Bank for Africa Plc in September 1996 with responsibility for
International Funds Transfer and rose to head the Head Office Operations Group. she
later participated in the Business Process Re-design of UBA Operational policies and

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procedures to improve efficiency. In search of additional skills, she moved on to the Risk
Management Group in April 2002 where she was involved in the setting up of the Credit
Risk Management framework including the implementation of Moody’s risk rating tool for
Corporate obligors, the Fair Isaac scoring system for consumers and the standardization
of credit products for retail customers. she later became the Head, Credit Risk
Management, a position she held until February 2006 when she left to join Diamond Bank
Plc as a General Manager and Head of Group Risk Management. In September 2009,
Mrs Anyanwu was appointed by the Central Bank of Nigeria as Executive Director Risk
Management in Finbank Plc, one of the Banks rescued by the Central Bank of Nigeria.
During this period, she served on the Board of the Banks’ various subsidiaries as Chairman
for both FinInsurance and FinBrokers and as Non-Executive Director on the Board of
Finhomes Ltd, the Mortgage subsidiary of the Bank.

She returned to Diamond Bank in May 2011 as Executive Director/Chief Risk Officer and
was later appointed to the position of Deputy Managing Director of the Diamond Bank
Group with supervisory responsibility for Risk Management, a position she occupied till
her retirement. Mrs Anyanwu had also served as a representative of Diamond Bank on
the Board of CRC Credit Bureau Ltd and was Chairman of the Board from May 2013 to
May 2015. Her multidisciplinary experience in banking gave her a well-rounded exposure
in the dynamics and challenges of strategic business function in banking. This was further
harnessed through various Leadership and Board trainings at the Harvard Business
School, Columbia University Graduate School of Business and Institute of Management
Development (IMD).

She is happily married with Children.

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Professor Russell Olukayode Chritopher Somoye
Professor R.O.C. Somoye is a Professor of Banking & Finance and holds BSc.(Maths),
MSc.(Econs.), Ph.D.(Finance), Cert.(Financial Management)Oxford, Cert.
(Entrepreneurship) Harvard, Cert. (Computer Science) Manchester, Cert.
(Entrepreneurship) Oxford, Cert.- (Taxation Accounting) London, Cert.(Project Analysis)
World Bank, PGD(Theology), among other academic qualifications. Professionally, he is a
member of Chartered Institute of Bankers of Nigeria, Chartered Institute of Stockbrokers
of Nigeria, Chartered Institute of Taxation of Nigeria, National Accountants of Nigeria,
Fellow of the Institute of Forensic Accounting Researchers and Nigerian Society for
Financial Research. He is also a consultant to several organisations such as Central Bank
of Nigeria, Local, State, Federal Governments and The World Bank. He is a professional
printer.

He has been a resource and Chairperson to National Universities Commission on
accreditation and programme development to several Universities, National Open
University of Nigeria as well National Institute for Policy and Strategic Studies (NIPSS),
Kuru, Jos, Nigeria. He is also an examiner to Lagos State University, Covenant University,
University of Lagos, University of Nigeria, among several institutions.

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Prior to joining academics, he was with the Nigerian Industrial Development Bank Ltd.
(Now Bank of Industry) and rose to the level of Deputy Controller of Investment and
head of department of Management Information System, Group Managing Director of
Merchandize and Securities Limited as well as a director to many companies. He was
briefly with the World Bank in Washington, DC.
He was the Dean of the Faculty of Social & Management Sciences and currently, the Dean
of the Faculty of Administration and Management Sciences, Olabisi Onabanjo University.
He is also a member of the Governing Council of Olabisi Onabanjo University, Ago-Iwoye.
He has supervised 15 PhD Students in Accounting and Finance and has 94 publication
covering journal articles, monographs and books. He is happily married with children. He
became a member of the Board of CIBN Press Ltd. in 2018.

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Mr. Samuel A. Oyeleke

Samuel A. Oyeleke is the chairman of Expertcity network limited, a printing, publishing,
corporate branding, concept development, marketing communications and general
merchant firm founded more than fifteen years ago and also Expertcity Global Ventures,
a business into supply of Furnitures, Fittings and Household wares such as doors,
beddings, decorations & plumbing materials.
Samuel has over 20 years extensive business experience especially in the printing and
publishing industry, as a turnaround specialist, he has consulted for several companies,
led several initiatives and have professionally being Instrumental in re-engineering of
many struggling printing firms.

Pastor Oyeleke holds HND in Accounting (Federal Polytechnic, offa), MBA - Human
Resources (in view) and he is a Member, National Institute of Marketing in Nigeria. He is
also an alumnus of the prestigious Haggai Institute.

Pastor Oyeleke is a Post Graduate Diploma holder of The Redeemed Christian Bible
College, The Redeemed School of Disciples. He currently serves as the Pastor in charge
of RCCG THE HUB, Lagos.

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Mr. Korede Adedayo

Korede Adedayo is the Managing Director/CEO of FirstTrust Mortgage Bank Plc. FirstTrust
emerged from the merger of two mortgage banks - First Mortgages Limited and
TrustBond Mortgage Bank Plc in September 2019 to become the largest mortgage bank
in Nigeria today.

Korede started his career with the West African Examination Council (WAEC) in 1990. In
his pursuit for excellence, he moved to the banking sector as a member of staff of the
Card Marketing Unit of EIB International Bank (now Polaris Bank Limited) in 1997. He
progressed to Indo-Nig Bank Limited (Now Sterling Bank Plc) where he headed the
Product Development Unit in 2001. His contributions led to his transfer to the Business
Development Unit as a Branch Manager. He was appointed the pioneer Chairman,
General Awareness Generation and Marketing Committee (Smartcard Society of Nigeria)
in 2003.

Korede was also in United Bank for Africa (UBA) and Keystone Bank (Bank PHB) as the
Profit Centre Manager and Team Lead, Commercial Banking Group, respectively. He

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subsequently moved to First Bank of Nigeria Limited in 2009 where he served as a Group
Head, carrying out various managerial and leadership roles. Korede played a major role
in building the Private Banking suite of the bank. He was also a pioneer member of the
team that birthed Providus Bank.

As a seasoned banker with experience spanning over two decades that cuts across
notable banks in Nigeria, he has built versatility and core competences across Retail
Banking, Credit Analysis, Consumer Banking, Wealth Creation and Management.

Following the divestment by FirstBank of Nigeria Limited from FBN Mortgages Limited,
Korede was appointed the Managing Director/CEO of the mortgage bank in 2018. He
also played a lead role in the successful merger between the erstwhile First Mortgages
Limited and TrustBond Mortgage Bank Plc which resulted in the emergence of FirstTrust
Mortgage Bank Plc where he currently serves as the Managing Director/CEO.

Korede is a graduate of Accounting from the Lagos State University. He is a Fellow,
Institute of Credit Administration (FICA) and Fellow, Courier and Logistics Management
Institute. He is also a member of the Institute of Directors (IODs), an Honorary Senior
Member of the Chartered Institute of Bankers of Nigeria (HCIB), and a member of the
Economic Advisory Council, Kogi State. He currently sits on the board of Mortgage
Banking Association of Nigeria (MBAN) as the National Treasurer, as well as on the board
of CIBN Press to mention a few. He has attended several executive trainings within and
outside Nigeria including the renowned global business schools - INSEAD Business School,
France and The Wharton School of the University of Pennsylvania, Philadelphia, USA.

He has also received many notable awards among which are: Best Mortgage Bank CEO
of the Year Nigeria 2021 by International Business Magazine, the House of Representative
Committee on Police Affairs “Ambassador for Peace and Unity Award”; Merit Award by
his Community for his contribution to community development; Meritorious Service Award
by Confluence News Watch, Kogi State; Okun Youth Ambassador of the Year by Okun

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Youth Association; 2nd ECWA Main Choir Egbe for his contribution to the choir
development.

If there is one word that best fits the description of Korede Adedayo, it is “performer,”
and this attribute has stuck with him from his early days in the corporate world enabling
him to rise to the highest corporate ladder in the financial services industry, a feat he
attained by dint of hard work, resilience, and dedication.

BOARD ADVISERS AND MANAGEMENT

ADVISERS FROM 2009-2022 2009-2010
Mr. Joseph Iwanefu, FCIB (CIBN) 2010-2014
Mr. Festus Anyanwu, FCIB (CIBN) 2014-2017
Mr. Ayo Makinde (Deceased) (CIBN) 2017-2019
Mr. Ernest Obasa, (Deceased)(CIBN) 2019-2021
Mr. Babatunde Apana (CIBN) 2014-2022
Barr. Rita Adeyanju (CIBN) 2022
Mr. Tunde Ogungbemi (CIBN)

MANAGEMENT TEAM FROM 2002-2022
Mrs. A. O. Elufioye
Mrs. E.O Ivowi
Mr. Beckley Oladiran
Mr Asukwo Felix
Mr. Ayodele Adewole
Mr. Adebola Otuniga, MCIB, FCIB

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CHAIRMAN’S STATEMENT

Professor Pius Olanrewaju, Ph.D, FCIB
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Distinguished shareholders and ladies and gentlemen, I am grateful to God Almighty for
the Grace given to each and every one of us to be alive and witness this 2022 Annual
General Meeting (AGM) of the CIBN Press Limited.

Ladies and Gentlemen, I wish to express my profound gratitude to all our shareholders,
stakeholders, and especially our parent body, the Chartered Institute of Bankers of
Nigeria, which, has been the lifeline of the Press. Your company has been through rough
times in the past years and all attempts of the Institute to come to its aid through non-
interest loans, seconding of staff to work at the press at no cost to the company, sending
all its printing works to the Press, among others have yielded little or no fruit. The
disruption in the printing business and the economy at large which emanated as a result
of the Covid-19 pandemic and has continued to impoverish the business. This unfortunate
incident, as reported at the previous AGM led to the threat by the External Auditors to
qualify the account of the Institute subject to providing undertaking to the Auditors by
way of a letters of comfort to continue to support the CIBN Press in the current year as
the financials of the Press has continued to dwindle.

Dear esteemed members, I am constrained to inform you that the tales of woes of the
CIBN Press have continued in the current year and lack of modern tools to run a
contemporary printing business has been at the forefront of the tale as well as the
digitization of printing. The Press has done some excellent work, however, due to lack of
tools, it had to take their jobs to other Press for production and share the profit, this
ultimately erodes their profit.

Nevertheless, before I give a brief account of the activities of the Press, please allow me
to touch on some of the prevailing social and economic conditions locally and
internationally as well as its effects on printing press generally.

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a. Growth of Manufacturing/ Paper Products Sub-Sector – In the first quarter
of 2022, the Manufacturing Sector which includes the Pulp, Paper and Paper
Products sub-sector grew by 5.87% (adjusted for inflation). This growth is higher
than the preceding quarter by 2.49% points. While exact figures for the Pulp,
Paper and Paper Products sub-sector are unavailable during the quarter, it is
assumed that the sub-sector is experiencing marginal growth given the opening
up of the economy Post-Covid.
This information is corroborated by Statista which reports exponential growth in
the global paper and pulp market. Statista, a global database managed by the
World Bank reports that as at 2019, the global paper market was valued at $348.43
billion and this valuation is expected to grow to $679billion in the year 2027.
The implication of this development is more demand for paper products and
potentially more printing jobs in the year 2022 and beyond.

b. Rise in Inflation Rate – Nigeria’s inflation rate recorded a seventh consecutive
monthly rise to 18.6% in June 2022. This represents a 0.9% rise from the 17.71%
in May 2022. This is the highest inflation rate increment since January 2017. The
implication of this development is greater pressure on the average purchasing
power of Nigerians.
In the printing industry, higher inflation translates to higher costs of raw materials
required for printing jobs such as ink, binding and paper products.

c. Fall of Naira in Parallel Market – As of the Wednesday, July 27, 2022 the Naira
fell to a record low of N710 to a dollar in the parallel market with a margin of N280
from the official rate. This development represents a 34% fall over the last 10
months. The fall is confirmed by the President of the Association of Bureaux de
Change Operators of Nigeria, Alhaji Aminu Gwadabe.

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This development has implications for manufacturer and other economic agents
who may experience further difficulty in accessing dollars needed to import their
raw and packaging materials.
For the printing industry, the implication is difficulty accessing paper products.
Nigeria has few functional paper mills and imports majority of the paper products
it uses. According to the NBS, Nigeria imported paper and allied products worth
N296.69 billion between July and December 2021. Meanwhile, ComTrade, a
software and IT solutions company based in Belgrade, Serbia, estimated the total
value of paper imports into Nigeria in 2020 at over $696 million.
The fall of the Naira against the dollar would lead to inflationary pressures, making
it more expensive to import paper products, a primary raw material for the printing
industry.

d. Crude Oil Price Trend – In the second week of July 2022, the price of crude oil
climbed above the $100 mark hitting $101.16/barrel on July 24, 2022. This is up
from $98/barrel the prior week. July 2022 also saw the increase pump price of
petrol within Nigeria.
This increment in price is in compliance with the Nigerian National Petroleum
(NNPC) Limited directive delivered the same month. Therefore, pump price of
petrol has now increased to N179 per litre from N165 per litre.
The implication of this is likely further inflationary pressures on transportation and
in turn, production costs. Transporting printed materials from source to respective
customers is likely to become more expensive. This is usually passed on to the
customer who bears the burden of higher costs.

1. CIBN PRESS SO FAR
A. History and Background of CIBN Press:
The Press was established to focus on printing, publication of books,
journals, seminar, annual report documents, magazines, general office
stationeries, calendars etc. The Press commenced operations with an initial

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capital base of N12.97million and tangible assets worth over N10million, all
funded by the Chartered Institute of Bankers of Nigeria (CIBN) and other
shareholders.

B. List of Shareholders
The shareholders of CIBN Press consist of 100 (One Hundred) members
consisting of institutional and individual members. The individual
shareholders include members, current and former staff of the Institute.
The records revealed insignificant progress/losses in terms of profitability in
the last 21 years. Hence the inability to declare dividend or any form of
returns to investors. The loss profile has continued to nose-dive.

C. Share capital
The current share capital of the Press is 20,000,000 shares out of which
12,976,500 has been allotted while 7,023,500 are unissued shares.

D. Financial Performance
After years of poor financial performances, the ten-year audited financial
summary as outlined in this report shows that the CIBN Press Limited turned
around its fortunes from the year 2017 to 2019.

However, in the year 2020, the COVID-19 Pandemic and the new normal
negatively affected the company’s operations. 2021 financial performance
was even worse than that of 2020.

4. WHAT THE FUTURE HOLDS FOR THE PRESS
The advent of COVID-19 and its implications on the printing industry took a toll on
the Press which was worsened by the lack of modern machines to carry out
contemporary work start to finish.

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A committee was set up the by Press Board of Directors do a feasibility study of
the Press Limited, the report of the Committee indicated that even after the
provision of the tools needed by the Press, the company will continue to run at a
lost for five years.
The parent company, also the majority shareholder of the Press considered the
report of the Committee and decided to divest from the Press. The report of the
Committee and going concern of the Press will be considered at this meeting.
On behalf of the Board and Management, I thank you for the opportunity given to
us to serve and I also appreciate your immense support, patience and the
dedication of our staff despite the effect of the global pandemic.
Thank you all.

BOARD OF DIRECTORS

Professor Pius Olanrewaju, Ph.D, FCIB

Dele Alabi, FCIB Oluseye Awojobi, Ph.D, FCIB Mrs Caroline Chidiebere Anyanwu, FCIB
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Korede Adebayo Prof. Russell Olukayode Chritopher Somoye Samuel A. Oyeleke

DIRECTOR’S REPORT

In compliance with the Companies & Allied Matters Act, the Directors of the CIBN Press
Limited are pleased to present to members the audited financial statements of the Bank
for the year ended and report on the affairs of the company (CIBN Press Limited).

Corporate structure and Business
The CIBN Press Ltd a subsidiary of the Chartered Institute of Bankers of Nigeria. (CIBN)
is a limited liability company, established and incorporated on June 7, 1994, as a private
company limited by shares and commenced business in 1996 at 7 Turton Street, Sabo-
Yaba, Lagos. The Company’s principal activities include general printing services and
publishing.

Authorised Share Capital
The company has 20,000 authorised share capital and issued 12,976,500 ordinary shares
of N1.00 each. The Issued share capital of the company as of December 2021 were held
by 47 shareholders.

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Directors’ interest in contracts
In accordance with the provisions of Section 303 (1) and (3) of the Companies and Allied
Matters Act of Nigeria, the Board has received no declaration of interest from any of the
directors in respect of the provision or any intention to provide services to the company
or execute any contracts from or for it.

Dividends
Due to the consistent loses recorded by the CIBN Press Limited, the company has never
paid Dividends to its shareholders.

Directors’ Remuneration
At present, the CIBN Press does not pay the Directors for the business of the Press,
however, a token of N10,000.00 is paid to the Directors as sitting allowance and
reimburses Director’s travelling and overnight expenses for such meetings.

Donations and Charitable Gifts
The Company identifies with the aspirations of the community and the environment in
which it operates. However due to financial constraints, the company did not make
contributions to charitable organizations during the year.

Changes on the Board
There were no changes to the Board of Directors in the course of the financial year ended
December 31, 2021.

Employment and Employees
The Company conforms with all regulatory requirements in the employment of staff,
whilst also ensuring that only fit and proper persons are approved for appointment to
board or top management positions.

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It is the policy of the company that there should be no discrimination in considering
applications for employment, including those from physically challenged persons.
All employees are given equal opportunities for self-development. As at 31st December
2021, no disable person was in the employment of the company.

Going Concern
The annual financial statements have been prepared on the basis of accounting policies
applicable to a going concern. However, the Press have been recording loses over the
years and the CIBN have had to undertake to finance future operations, contingent
obligations and commitments in the ordinary course of business.

Events after reporting period
The Governing Council of the Chartered Institute of Bankers of Nigeria, a majority
shareholder of the CIBN Press Limited holding 97% of the company’s shares, at its
meeting of June, 2022, resolved to divest from the Press due to its continuous loss profile.

Independent Auditors
In accordance with section 401 (2) of the Companies and Allied Matters Act 2020, the
independent Auditors, Messrs Moore Stephens Rosewater having indicated their
willingness to remain in office as Statutory auditors to the company.

At the Governing Council meeting of CIBN on March 15, 2022, the Audit Fees of the CIBN
Press Ltd was increased from N250,000 to N500,000, with a caveat that there would not
be any request for an increase in the next three years

Mrs. Rita Adeyanju Esq
Company Secretary
PC 19, Adeola Hopewell, Victoria Island, Lagos
August 8, 2022

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GENERAL MANAGER’S REPORT

Mr. Adebola Otuniga, MCIB, FCIB
30

1.0 OVERVIEW
I am delighted to welcome you, our highly esteemed Shareholders, Board Members,
ladies and gentlemen of the press, to the 2022 Annual General Meeting of CIBN Press
Limited.
As a company for over 26 years, we constantly aspire and aim to push the boundaries
of what is possible in the printing world.
The global economy recorded some measures of significant recovery from the pandemic
induced recession with new variants. The recovery was largely supported by continued
resilience and adoption of economic activities to the pandemic combined with ongoing
policy support in many countries. In 2021, business grapple for sustainable ways of
ensuring business continuity amidst the new challenges.

Background of CIBN Press:

Introduction:
The printing industry covers the entire printing process from creation through distribution
to other non-print services that it offers. This includes companies that provide binding
and finishing services such as cutting, trimming, die cutting, laminating, mounting and
varnishing documents. Today’s printing industry is referred to either as the Graphic
Communications or Graphic Arts Industry or The Printing and Graphic Arts Industry as it
is a combination of print media and visual communication. With developments in digital
technology, the industry has been further transformed.

The printing industry has evolved beyond ink-on-paper to include direct mailing and
fulfillment services, and increasingly multimedia, graphic design, and web page creation
in which graphic design is important to the process. The expanded definition of printing
also include the industry’s supply chain. This group is made up of printing brokers,
independent sales people, recruiting companies, suppliers, trade organisations,

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educational institutions, graphic service providers, equipment vendors and
manufacturers.

Despite changes in the printing industry, the sector is still characterized by small and
medium-sized firms who have always combined creativity with industrial production.
Other characteristics of the printing industry are the presence of powerful buyers
(publishers, retailers) and suppliers (paper, production equipment and graphics software
suppliers, etc.), a product that is often easily substituted and intense competition between
printers, which is exacerbated by over-capacity. Therefore, rising and unstable costs have
been accompanied by continuous downward pressure on prices, causing a fall in
profitability.

Opportunities and Threats
There are various opportunities and threats as well as drivers of change in the printing
business which includes:

i. Market forces
ii. Technology
iii. Human resources (quality of workforce and skills training)
iv. Communication
v. Merger and globalization

A common starting feature is that the competitiveness and profitability of the printing
industry is endangered by structural overcapacity, resulting mainly from increased
performance of printing equipment against stable or slowing down demand.

VARIOUS ATTEPTS TO REVAMP THE PRESS
The CIBN Press Board overseeing the affairs of The Press at various times attempted to
revamp the Press by setting up Ad-Hoc Committees to look at the possibilities of changing
the fortune of the Press. The committees were headed by Deacon Segun Ajibola. Ph.D,

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FCIB, Past President/Chairman of Council, CIBN, Late Mr. Ayodeji Makinde, former Group
Head, Finance & Corporate Services, CIBN and Prof. Russel Olukayode Christopher
Somoye, HCIB, respectively.

The committees report recommended the following:
(a) Total re-organisation of the Press – this will involve deploying both
human and material resources to the Press, i.e. buying modern equipment,
instituting a new and result-oriented management while CIBN retains
ownership. A feasibility study needs to be carried out on the likely financial
outlay to pursue this option.

(b) Dilution of Investment – CIBN can also reduce its investment in the Press
from current holding of 93% to 51% so that it can still maintain its majority
shareholding position in the company. The balance of 49% should be made
available to banks and other organisations that are involved in printing related
business through PRIVATE PLACEMENT.

(c) Collaboration with renowned Printing Press – the company may
collaborate with renowned Printing Press like Academy Press or Studio Press
Nig. Ltd. Depending on the MOU, the collaboration may entail the companies
sending their personnel to run the CIBN Press for a specific number of years.
This can be explored to deepen the technical capabilities of the Press in
addition to (a) and (b) above.

(d) Following one of the proposals of the Committees, the CIBN Press was
relocated to its present location.

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CIBN PRESS CURRENT POSITION:
The company aims to focus its energy on leveraging on its strengths with an aim of
improving its turnover/revenue by making good use of its opportunities to minimise its
weakness and emerging threats.

CIBN PRESS: SWOT ANALYSIS

Strengths ✓ CIBN brand name, goodwill and ready market acceptance

✓ Vibrant Board/Management determination to run around the

fortunes of the CIBN Press

✓ Strategic location of the Press at Shomolu axis, proximity to

source of suppliers and end-users

✓ Complete book production/publishing capacity with relative

ease and competitive cost.

Weaknesses ✓ Lack of capacity (machinery) to provide the entire range of

printing processes in-house thus resulting in huge outsourcing

cost and loss of revenue

✓ Poor patronage and market share from key targets market

(Financial Services Industry)

✓ Poor Funding

Opportunities ✓ Core constituency i.e. Banks, Microfinance Banks, Regulators,

Other Financial Services Industry players, Educational

Institutions.

✓ Emerging technology advancement in print technology

✓ CIBN brand name, goodwill and ready market acceptance

Threats ✓ Increase competition with corresponding machinery

✓ Technological advancement reducing the need for printing

gradually with the advent of e-books etc.

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CURRENT STATUS OF OPERATIONAL INFRASTRUCTURE

S/N Machines Status Year of Servicing Remarks

Purchase

1 Kord 1 Working but 2008 Last Service The machine require

Machine below capacity 2020 overhauling to work

optimally and

improve quality of

production. It can

only print black and

white. A modern

machine (MOZ) of 4

colours should be

procured

2 Kord 2 Working but 2008 Last Service The machine require

Machine below capacity 2020 overhauling to work

optimally and

improve quality of

production. It can

only print black and

white. A modern

machine (MOZ) of 4

colours should be

procured

3 Gestetner One color 2000 Last Not functional

201 printing Service2016

machine

4 Lithographic Working well 2000 Last service A new automated

Machine but manually 2019 plate Making

machine (CTP)

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5 3 Clamp Working well 2011 should be procured
Last service Working perfectly
Perfect 2020

Binding

Machine

6 Working. But 2011 Last service It can only perform

Hot/Cold we need to 2019 hot lamination now
Laminating procure the
industrial
machine Laminating

Machine

7 Guillotine Working 2000 Last service Working well
2021
Machine Perfectly Last service Working well
2020
8 Computer Working 2018

System perfectly

STAFFING AND THEIR DESIGNATION.
Since the inception of the Press, various manager has held the helm of the management
of the company, their names and date of appointment are as follows:

S/N NAMES DESIGNATION YEAR YEAR
1 EXISTED
2 Mrs. Elufioye A.O EMPLOYED November 9,
3 2005
Mrs. Ivowi E. O General July 1, 2002 March 31,2011

Mr. Beckley Manager October 9, 2014
Oladiran
General November 10,

Manager 2005

General June 1, 2011

Manager

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4 Mr Asukwo Felix Ag. General October 10, 2014 Sept. 30, 2015

Manager

5 Mr. Ayodele Ag. General October 1, 2015 May 30, 2016

Adewole Manager

6 Mr. Otuniga Ag. General June 1, 2016 Till Date

Adebola, FCIB Manager

The CIBN Press Ltd has a total of 5 staff members. Please find below their names and
designation are listed:

S/N NAMES OF DESIGNATION YEAR STATUS
1 Confirmed
2 STAFF EMPLOYED Confirmed
3 Confirmed
4 Faleye Babatunde Lithographic April, 2001 Confirmed
5 Confirmed
Operator

Omotayo Kord 2 operator August, 2009

Oluwaseun

Oyinbodare Computer July, 2015

Oluwafemi Graphics

Ajayi David 3 Clamp Perfect January, 2014

Michael Binding Machine

Ogunbanwo Kord 1 operator January, 2014

Abdulyekeen

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MANPOWER PLANNING

Board

GM
(Marketing,

Operations &
Administration)

Business Fin/Admin Operations
Development Manager Manager
Manager (B2B,

B2C, B2G)

Sales/Marketing Social Accountant Admin Graphics Lithographer Machine Machine
Media/Online Operators Operator
(Cord) &
Sales Proposed (201)

THE CIBN PRESS LIMITED
FIVE YEAR AUDITED FINANCIAL SUMMARY 2017 - 2021
FINANCIAL SUMARY 31, DECEMBER 2021

FIVE YEAR FINANCIAL SUMMARY 2020 2019 2018 2017
N'000 N'000 N'000 N'000
2021
2,497 3,163
N'000

ASSETS 339 1,014 1,756
EMPLOYED

Non current
assets

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Current assets 24.794 25,990 25,734 21,116 14,634
Non current 19,783 -19,783 -19,783 -19,783 -26,239
liabilities 15,417 -14,583 -14,606 -13,956
Current -10,067 -7,268
liabilities -7,361
12,977 -6,899 -10,125 -15,710
Net assets -23,044 12,977
-20,338 12,977 12,977 12,977
CAPITAL -10,067 -19,875 -23,102 -28,687
EMPLOYED -7,361
-6,899 -10,125 -15,710
Share capital
Retained loss

Total capital
employed

TURNOVER 17,508 18,579 39,930 34,718 26,779
AND PROFIT -2,706 -463
- - 4,676 7,269 3,434
Gross -2,706 -463 -1,450 -1,684 -1,099
earnings 3,226 5,585 2,335

(Loss)/profit
before tax

Income tax
expense

(Loss)/profit
after tax

Per share data -0.21 -0.04 0.25 0.43 0.18
(Naira)
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(Loss)/earnings
per share

Net assets per -0.54 -0.57 -0.53 -0.78 -1.21
share

From the five years audited financial summary of the Press above, it shows that the
company was turned into profitability from year 2017 to 2019. In year 2020 and 2021,
the global pandemic affected the operation of the company.

CONCLUSION
In conclusion, due to lack of modern printing machine, which incapacitate the Press to
perform and compete optimally with its competitors, also the turbulent economic
challenges which the country is going through has adversely affected the survival of the
printing industry. However, the issue of Total re-organization, dilution of investment /
leasing and collaboration with renowned printing press need to be considered if the
desired result is to be achieved.

Finally, I want to express my unreserved appreciation to the members of the Board and
our esteemed shareholders for the confidence you repose in the management and staff
of CIBN Press to deliver on the business objectives while creating enduring values for all
our shareholders and stakeholders at large.
Thank you.

Otuniga Adebola
GM, CIBN Press

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CORPORATE GOVERNANCE REPORT

THE YEAR ENDED 31 DECEMBER 2021

Alignment with sound corporate governance practices is very important to the success
and survival of an organisation. The CIBN Press Limited is very much aware of this, and
our Board is committed to strong corporate governance in order to promote long-term
shareholder interests and strengthen Board and management accountability. The Board
continues to monitor evolving governance standards and enhance its governance
practices to ensure the adherence to effective governance policies, practices and
structures to guide the affairs of the company. The activities of the organisation, including
oversight by management and the Board of Directors are carried out in a manner
consistent with the corporate governance principles of fairness, probity, accountability,
responsibility, and transparency.

The CIBN Press as a Private Limited Liability company, adhered to the Nigerian Code of
Corporate Governance, 2018 also with other relevant codes and has remained committed
to ensuring compliance with the corporate governance regulations as well as other best
practices.

In compliance with principle 1 of the code, the Board of the company has aligned with
the recommendations of the Code regarding Board Structure. The current Board is
composed of six (6) members. Five (5) of them are Independent Non-Executive Directors
(INEDs) including the Chairman. One (1) Non-Executive Directors (NED). The members
of the Board have varied experiences in finance and accounting, printing, corporate
governance, strategy & innovation, business entrepreneurship, risk and management,
amongst others. The positions of the Chairman and the management of the Press are
separate and held by two individuals, thereby ensuring that no one individual has
unfettered powers of decision making.

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The Chairman provides overall leadership and direction to the Board. His primary
responsibility is to ensure effective operation of the Board towards achieving the
company’s strategic objectives, including enhancing shareholder value, dealing with
board disputes and resolving conflicts. the management of the Press, led by the General
Manager is responsible for the day-to-day management of the company toward achieving
its corporate objectives as enunciated in its Memorandum and Article of Association.

Furthermore, in the interest of safeguarding the objectivity and independence of the
Board, there are no two members of the same family on the Board concurrently.

Roles and Responsibilities of The Board
The Board of Directors of CIBN Press provides leadership and vision to the company in a
manner that will ensure that the company’s long-term vision is realised. Some decisions
are reserved for the Board, such as approval of corporate strategy and annual budgets,
approval of policies, risk management strategy, succession planning and the
appointment, training, remuneration and replacement of board members and senior
management amongst others. In line with the Corporate Governance Code and CAMA
2020 the responsibilities of the CIBN Press Board are as outlined below:

a) evaluate and approve the business strategic plan of the company from time to
time.

b) review, evaluate and approve the overall organizational structure, and the
assignment of management responsibilities

c) determine and review management development and succession plans.
d) review, evaluate and approve compensation strategy for all staff, especially the

senior management staff of the company.
e) adopt, implement, and monitor compliance with the Company’s Articles of

Association, Companies and Allied Matters Act, Institute’s Act and Code of
Conduct and other codes guiding behaviours.

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f) develop and review from time to time the company’s brand, culture profile and
its culture web.

g) review periodically the company’s corporate objectives and policies relating to
corporate governance, including corporate social responsibility and
sustainability.

h) review the company’s budget, financial and operating results.
i) review and assess the effectiveness of the company’s policies and practices

with respect to risk assessment and risk management.
j) nominate members for the audit committee and the external auditor based on

a competitive selection process.
k) project and market the business of the Company.
l) keep proper books of accounts in respect of each year and proper records in

relation to those accounts.
m) evaluate and approve major resource allocations and investments.
n) appointment and removal of the Managing Director of the company in

accordance with section 22 of the Article of Association of the Company.
o) establishment of Board committees and appointment of members of the

committees.
p) establishment of Branches of the Company.
q) carry out other functions’ incidental to the above and other functions as may be

agreed from time to time.

Board Evaluation
In line with Corporate Governance regulations and best practices in corporate
governance, the company have put up a formal process for the evaluation of the Board.

Board Meetings
At the beginning of each financial year, meetings of the Board were scheduled in advance
for the entire year. The agenda for each meeting and the supporting Board papers were
sent to Directors at least 7 days before the meeting to provide them sufficient time to

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review the papers and request for additional information, where necessary. Directors had
access to management through the General Manager, Company Secretary, the Assistant
Director, F&CS, CIBN and currently, the Senior Manager, Finance and Admin. The Board
operated as a cohesive team; thus, decisions were reached by consensus. The
membership of the Boards and their attendance at meetings are as shown below:

2021-2022 BOARD MEETINGS AND ATTENDANCE

Table 1: Board Members Attendance of Meetings from August 2021– 2022

S/N Name March 3, 2022

1. PROF. PIUS OLANREWAJU, FCIB present

Chairman/NED

2. MR DELE ALABI, FCIB Present

Member/ NED

3. PROF. RUSSELL O. L SOMOYE, HCIB present

Member/ NED

4. MR. SEYE AWOJOBI, FCIB present

Member/ NED

5. MRS CAROLINE CHIDIEBERE ANYANWU, FCIB present
Member/ NED

6. MR. KOREDE ADEBAYO Present
Member/ NED

7. MR. SAMUEL OYELEKE present

Technical Assistant

Table 1: Board Members Attendance of Meetings from August 2021– 2022

S/N Name June 6, 2022

1. PROF. PIUS OLANREWAJU, FCIB present

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Chairman/NED Present
present
2. MR DELE ALABI, FCIB present
Member/ NED present
Absent
3. PROF. RUSSELL O. L SOMOYE, HCIB present
Member/ NED

4. MR. SEYE AWOJOBI, FCIB
Member/ NED

5. MRS CAROLINE CHIDIEBERE ANYANWU, FCIB
Member/ NED

6. MR. KOREDE ADEBAYO
Member/ NED

7. MR. SAMUEL OYELEKE
Technical Assistant

SUSTAINABILITY REPORT
The CIBN Press Ltd is committed to the wellbeing of its employees through effective
engagements such as: trainings, competitive benefits and adequate compensation to
promote staff retention. The Company is passionate about providing a safe and conducive
work environment for all its employees.

Our approach to managing environmental impact is driven by our pursuit of ever-greater
operational efficiency.

HEALTH AND SAFETY
The Press has been successful in achieving a safe and healthy working environment which
is solely based on the shared responsibilities of its employees. Over the years, the press
has maintained and ensured adequate safety practices and procedures.

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Environmental Responsibility
Our commitment to environmental preservation cannot be over-emphasized. This reflects
in our dedication to mitigating and possibly bringing to the barest minimum the impact
on the environment arising from our business decisions. We ensure improved compliance
to ethical business practices.

Code of Ethics
We believe that sustainability is necessary to attract and retain dedicated employees and
customers with a strong service mind-set for business continuity and long-term
performance. Our parent body’s core values which we adopt is “integrity, professionalism,
innovation and ethics”. This is the foundation for our culture.

Human Rights
As a reputable printing company established by the Chartered Institute of Bankers of
Nigeria, our adherence to respect and promote human rights cannot be overemphasized.
We practice Nondiscriminatory Policy which was adopted from the Human Resources
Policy of the CIBN and we are also guided by it.

Customer Complaint
Our customers are essential to our business and our commitment is to ensure we deliver
an enjoyable and satisfying service to them. To sustain/improve on the quality of our
business, we encourage feedback from our customers on their experiences and
satisfaction levels with our products. This greatly assisted us in improving our customers’
experience as well as strengthening our relationships with them. We carried out several
reviews of our business processes and service standards to increase value creation.

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