Page 341 - ACCESS BANK ANNUAL REPORTS_eBook

45 Non-audit services

During the year, the Bank’s auditor, PricewaterHouseCoopers, were awarded the following contracts;

Service Description Sum
N’000
1 Recovery and resolution plan Advisory services on development of recovery and 9,975
resolution plan to be submitted to the Central Bank
of Nigeria and Nigeria Deposit Insurance Corpora-
tion as part of regulatory requirements for system-
ically important financial institutions.

2 Automation of Revenue assurance reviews Revenue assurance exercise and script develop- 11,500
ment to block income leakages and facilitate re-
coveries
21,475

In the Bank’s opinion, the provision of these services to the bank did not impair the independence and objectivity of the
external auditor.

OTHER NATIONAL DISCLOSURES

Value Added Statement

Group Group
In thousands of Naira December 2017 December 2016

% %
Gross earnings 459,075,779 381,320,783

Interest expense
Foreign (5,585,583) (29,874,830)
Local (102,622,266) (59,894,789)
350,867,930 291,551,164

Net impairment (loss) on financial assets (33,916,948) (20,630,884)
Net impairment loss on other financial assets (549,920) (1,321,935)

Bought-in-materials and services
Foreign (1,819,106) (3,859,283)
Local (117,725,321) (93,364,322)
Value added 196,846,635 172,374,740

Distribution of Value Added
To Employees:
Employees costs 54,806,795 28% 51,795,538 30%

To government
Government as taxes 18,081,628 9% 18,900,109 11%

To providers of finance
Interest on borrowings 48,321,523 25% 18,369,256 11%

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Annual Report & Accounts 2017