In pursuance of the Code of Best Practices on Corporate Governance in Nigeria , 2003 (“the Code”) we hereby report as follows:

By the Articles of Association of the Company, the Board is responsible for controlling and managing the business of the Company. It may exercise all such powers of the Company as are not by statute or the articles to be exercised by the Company in General Meeting.

The Board of Directors is composed of a non-Executive Chairman, the Managing Director, an Executive Director and four non-executive directors with an alternate director for one non-executive director.

The Board functions either as a full board or through two standing Committees, to wit, the Finance & Projects Committee and the Audit & Compensation Committee.

The Finance and Projects Committee

The Finance and Projects Committee (F&PC) makes recommendations to the full Board on the funding of the Company's operations, project initiatives and capital expenditure for approval and monitored the delivery of on-going projects.

The Committee is made up of:

Mr Larry E Ettah Chairman
Mr Abdul A Bello Member
Hon Dr Ibrahim A Mohammed Member
Mrs Nana Dawodu Member
Mrs Folashade O Ogunde Member

The Audit and Compensation Committee

The Audit and Compensation Committee reviews management's responses to the internal and external Auditors' management letters and make recommendations to the full Board on the benefits/compensation of the Directors of the Company.

The Committee is made up of:
Mr Victor G Hammond Chairman
Mr Abdul A Bello Member
Hon (Dr) Ibrahim A Mohammed Member
Mrs Folashade O Ogunde Member