The term ‘FBN Holdings Plc’ or the ‘Group’ means FBNHoldings together with its subsidiaries. FBN Holdings Plc is a financial holding company incorporated in Nigeria on 14 October 2010. The Company was listed on the Nigerian Stock Exchange under the ‘Other financial services’ sector on 26 November 2012 and has issued and fully paid-up share capital as 35,895,292,792 ordinary shares of 50 kobo each (N17,947,646,396). In this report the abbreviations ‘Nmn’, ‘Nbn’ and ‘Ntn’ represent millions, billions and trillions of naira respectively.
The Commercial Banking business comprises First Bank of Nigeria Limited, FBNBank (UK) Limited, FBNBank DRC Limited, FBNBank Ghana Limited, FBNBank The Gambia Limited, FBNBank Guinea Limited, FBNBank Sierra Leone Limited, FBNBank Senegal Limited, First Pension Custodian Nigeria Limited and FBN Mortgages Limited2 , First Bank of Nigeria Limited is the lead entity of the Commercial Banking business.
The Merchant Banking and Asset Management business consists of FBN Merchant Bank Limited and FBN Capital Limited. Subsidiaries of FBN Capital Limited include FBN Trustees Limited, FBN Capital Asset Management Limited, FBN Funds Limited FBN Securities Limited and FBN Capital Partners Limited.
This report encompasses FBN Merchant Bank Limited. Unless otherwise stated, the profit or loss statement analysis compares the 12 months to December 2016 to the corresponding 12 months of 2015, and the financial position comparison relates to the corresponding position at 31 December 2015. Unless otherwise stated, all disclosed figures relate to continuing operations. Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the glossary or abbreviation section of this report.