Page 331 - ACCESS BANK ANNUAL REPORTS_eBook

December 2017 December 2016

Discount rate 14.70% 16.70%
Future salary increases 5.00% 5.00%
Retirement age for both male and female 60 years 60 years
Retirement rate: 50 – 59 (average rate) 3.40% 3.40%
Withdrawal rate: 16 – 29 4.50% 4.50%
Withdrawal rate: 30 – 44 6.00% 6.00%
Withdrawal rate: 45 – 50 5.00% 5.00%
Withdrawal rate: 51 – 55 (average rate) 3.75% 3.75%

Assumptions regarding future mortality before retirement are based on A49/52 ultimate table published by the Institute of
Actuaries of United Kingdom. The rate used to discount post employment benefit obligations has been determined by ref-
erence to the yield on Nigerian Government bonds of medium duration. This converts into an effective yield of 14.70% as
at 31 December 2017. For members in active service as at the valuation date, the projected unit credit method of valuation
as required under the IFRS has been adopted.

38 Capital and reserves
A Share capital

Bank Bank
In thousands of Naira December 2017 December 2016

(a) Authorised:
Ordinary shares:
38,000,000,000 Ordinary shares of 50k each 19,000,000 19,000,000

Preference shares:
2,000,000,000 Preference shares of 50k each 1,000,000 1,000,000
20,000,000 20,000,000

Bank Bank
In thousands of Naira December 2017 December 2016

(b) Issued and fully paid-up :
28,927,971,631 Ordinary shares of 50k each 14,463,986 14,463,986

Ordinary shareholding:
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote
at meetings of the Bank. All ordinary shares rank pari-passu with the same rights and benefits at meetings of the Bank.

Preference shareholding:
Preference shares do not carry the right to vote. Preference shareholders have priority over ordinary shareholders with
regard to the residual assets of the Bank and participate only to the extent of the face value of the shares plus any accrued
dividends. No preference shares were in issue as at the end of the year

The movement on the issued and fully paid-up share capital account during the year was as follows:

Bank Bank
In thousands of Naira December 2017 December 2016
Balance, beginning of year 14,463,986 14,463,986
Balance, end of year 14,463,986 14,463,986

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Annual Report & Accounts 2017