Report of the Audit Committee
For the Year Ended 31 March, 2007

 

To the Members of Afribank Nigeria Plc

In accordance with the provision of Section 359(6) of the Companies and Allied Matters Act, CAP C20 LFN2004, members of the Audit Committee of Afribank Nigeria PIc., hereby report as follows:

We have exercised our statutory functions under Section 359 (6) of the Companies and Allied Matter Act CAP GO LFN 2004 and acknowledged the co-operation of Management and staff in the conduct of these responsibilities.

We are of the opinion that the accounting and reporting policies of the Bank and the Group are in accordance with legal requirements and agreed ethical practice and that the scope and planning of the external and internal audit for the period ended 31st March, 2007 were satisfactory and reinforce the Group's internal control systems.

We have deliberated with the external auditors, who have confirmed that necessary co-operation w, received from Management in the course of their statutory audit.

OTUNOYA E. UZOR
CHAIRMAN, AUDIT COMMITTEE

9TH July, 2007