Page 336 - ACCESS BANK ANNUAL REPORTS_eBook

Bank Bank Bank Bank
In thousands of Naira December 2017 December 2016 December 2017 December 2016

Cash on hand and balances with banks 184,867,177 68,423,783 144,763,718 59,637,792
Unrestricted balances with central banks 28,837,649 139,954,922 7,976,547 33,160,736
Money market placements 261,805,783 119,826,012 28,157,562 41,798,197
Investment under management 17,913,690 13,041,247 17,913,690 13,041,247
493,424,299 341,245,964 198,811,517 147,637,972
Cash and cash equivalent for the purpose of the preparation of the statement of cash flows excludes cash collaterals held
for letters of credit and the mandatory cash deposit held with the Central Bank of Nigeria.

41 Contraventions of the Banks and Other Financial Institutions Act of Nigeria and CBN’s circulars

S/N Regulatory Body Infraction
i) Central Bank of Nigeria Sum of N60 million in respect of BVN registration
ii) Central Bank of Nigeria Sum of N6 million in respect of unutilized foreign exchange from CBN
iii) Central Bank of Nigeria Sum of N2 million for non-compliance regards Bancassurance
iv) Central Bank of Nigeria Sum of N2 million in respect of CBN FX examination
v) Central Bank of Nigeria Sum of N4 million in respect of injection of capital to subsidiaries
vi) Central Bank of Nigeria Sum of N2 million in respect of KYC requirement
vii) Central Bank of Nigeria Sum of N2 million in respect of the non-implementation of external auditor’s
recommendation

42 Events after reporting date
Subsequent to the end of the reporting year, the Board of Directors proposed a final dividend of 40k each payable
to shareholders on register of shareholding at the closure date.
There are no other post balance sheet event that require disclosure in these consolidated financial statements.
43 Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise influence
over the other party in making financial and operational decisions, or one other party controls both. The definition
includes subsidiaries, associates, joint ventures and the Group’s pension schemes, as well as key management
personnel.

Transactions with key management personnel
The Group’s key management personnel, and persons connected with them, are also considered to be related
parties. The definition of key management includes the close members of family of key personnel and any entity
over which key management exercise control. The key management personnel have been identified as the
executive and non-executive directors of the Group. Close members of family are those family members who may
be expected to influence, or be influenced by that individual in their dealings with Access Bank Plc and its
subsidiaries.

Parent
The parent company, which is also the ultimate parent company, is Access Bank Plc.

(a) Loans and advances to related parties
The bank granted various credit facilities to its subsidiary companies and key management personnel.
Key Management Personnel is defined as members of the Board of Directors of the bank, including their close
members of family and any entity over which they exercise control. Close member of family are those who may be
expected to influence or be influenced by that individual in dealings with the bank.
The rates and terms agreed are comparable to other facilities being held in the bank’s portfolio. Details of these
are described below:

336 Access BAnk Plc
Annual Report & Accounts 2017