Financials

Financials

Notes to the Financial Statement
Continued

As the impairment based on IFRS is lower than the provisions based on prudential guidelines, the additional provision per
prudential guidelines has been reclassified to regulatory risk reserve.

51 Compliance with banking regulations
During the year, the Bank was penalised by the Central Bank of Nigeria (CBN) for the following infractions;

Contraventions Penalties
8,000,000
• Exceptions raised against the bank for contravention noted during the Foreign Exchange Supervisory Examination as at Sep-
tember 30, 2016“ 6,000,000
6,000,000
• Exceptions on risk-based supervision report as at June 2015
4,000,000
• “Exceptions raised against the bank for contravention noted during the Foreign Exchange Supervisory Examination as at March 2,000,000
31, 2017“ 2,000,000
2,000,000
• “Monthly Report on Transactions of Political Exposed Person (PEPS) July to September 2016“
25,000
• “Non compliance with KYC regulation“ 30,025,000

• Exception raised on Diamond bank for non compliance with the know you customer regulations

• “Litigation Case/Failure to promptly respond to regulatory directives“

• “Late rendition of daily returns on 4 January 2017“

52 Events after the end of the reporting period




There were no events subsequent to the financial position date which require adjustment to, or disclosure in, these financial
statements

53 Financial Reporting Council’s Certification Requirement for Professionals Engaged in Financial Reporting

Process



In line with Financial Reporting Council of Nigeria certification requirement for professionals engaged in financial reporting

process: External Auditors, Officers of reporting entities and other professional providing assurance to reporting entities.

Below are list of professionals engaged in the financial reporting process relating to financial statements for the year ended

31 December 2017.

234 | Diamond Bank Annual Report 2017

Financials

Notes to the Financial Statement
Continued

S/N Name of Professional FRC number Role
1 Achoru Associates FRC/2016/NIESV/00000013731,FRC/2015/00000007097 Property & Valuation Experts
2 Agu & Associates FRC/2013/00000000001699 Property & Valuation Experts
3 Alagbe & Partners FRC/2014/NIESV/00000004788 Property & Valuation Experts
4 Andrew Okon & Co FRC/2014/NIESV/00000005925 Property & Valuation Experts
5 Andy Bassey & Assoc FRC/2012/00000000363 Property & Valuation Experts
6 Azuka Iheabunike And Partners FRC/2013/NIESV/00000002206 Property & Valuation Experts
7 Bayo Adeyemo & Associates FRC/2013/NIESV/00000005193 Property & Valuation Experts
8 Ben Chika & Co FRC/2014/NIESV/00000005215 Property & Valuation Experts
9 Chika Egwuatu & Partners FRC/2013/NIESV/00000000862 Property & Valuation Experts
FRC/2013/NIESV/00000004238 Property & Valuation Experts
10 Dapo Olaiya Consulting FRC/2012/NIESV/00000000130 Property & Valuation Experts
11 Ebunilo Associates FRC/2013/NIESV/00000003338 Property & Valuation Experts
12 Emeka Onuorah & Co FRC/2013/NIESV/00000002855 Property & Valuation Experts
13 Ezeh, Ezeh & Co FRC/2013/00000000001625 Property & Valuation Experts
14 I Idi & Partners FRC/2012/NIESV/00000000245 Property & Valuation Experts
15 Ismail & Partners FRC/2013/NIESV/00000001711 Property & Valuation Experts
16 Iwuba Ifediora & Associates FRC/2012/NIESV/00000000123 Property & Valuation Experts
17 J Ajayi Patunola & Co. FRC/2012/0000000000254 Property & Valuation Experts
18 Jide Taiwo & Co FRC/2013/NIESV/00000000752 Property & Valuation Experts
19 Kene Onuora & Co FRC/2014/NIESV/00000006005 Property & Valuation Experts
20 Mark Odu & Co FRC/2014/NIESV/00000007246 Property & Valuation Experts
21 Nwosu & Partners FRC/2015/NIESV/00000010677 Property & Valuation Experts
22 Obi Udeh & Co FRC/2012/NIESV/00000000198 Property & Valuation Experts
23 Odudu & Co FRC/2013/00000000001693 Property & Valuation Experts
24 Ofoma Associates FRC/2012/NIESV/00000000244 Property & Valuation Experts
25 Ora Egbunike & Co FRC/2012/00000000522 Property & Valuation Experts
26 Osas & Oseji FRC/2014/00000003008 Property & Valuation Experts
27 Osita Okoli & Co FRC/2013/NIESV/00000003658 Property & Valuation Experts
28 Oyetunji Oyetunji & Partners FRC/2013/NIESV/00000002538 Property & Valuation Experts
29 Sam Nwosu & Co FRC/2012/0000000000421 Property & Valuation Experts
30 Tope & Tunde FRC/2013/NIESV/00000001591 Property & Valuation Experts
31 Utchay Okoroji & Associates FRC/2014/NIESV/00000003997 Property & Valuation Experts
32 Ubosi Eleh & Co FRC/2015/NIESV/00000012593 Property & Valuation Experts
33 William & Partners FRC/2013/ICAN/00000002763 Tax Consultants
34 Tripple K Tax Consultants

54 Provision of Non Audit Services



The details of non-audit services and the applicable fees paid during the period ended 31 December 2017 were;



Description of Non Audit Services Fee Paid

i Corporate governance compliance review ₦
ii Diamond Bank Xtra draw verification 15,000,000
iii Remuneration survey 12,000,000
iii Expatriate support services
iv Assurance service - Certification of compliance with loan covenants 1,050,000
1,000,000
1,500,000

Diamond Bank Annual Report 2017 | 235