Finally, CBN Publishes Financial Statements of Seven Years

August 11, 2023
CBN Ways and Means

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has published its financial statements for the first time in seven years.

The books published on the CBN’s website will provide numbers for its operations from 2016 through 2022, giving a glimpse of happenings at the bank during the tenure of former President Muhammadu Buhari and suspended governor of the bank, Mr Godwin Emefiele.

The numbers were never published during the full years that Mr Buhari held office, a move that contravened the CBN Act, which says, “The Bank shall, within two months after the close of each financial year, transmit to the National Assembly and the President a copy of its annual accounts certified by the Auditor.”

However, with the suspension of Mr Emefiele, President Bola Tinubu appointed Mr Folashodun Shonubi, and it appears that the apex bank is set to follow its established laws as it has published the comprehensive operational transactions in the years past.

In the statement for 2022, the bank noted that “The Group and Bank’s profit for the year was N103,854 million and N65,626 million respectively (2021: N75,125 million and N31,044 million respectively).”

In line with the provisions of the Fiscal Responsibility Act 2011, 20 per cent of the net income of the bank (N1.3 trillion) was credited to retained earnings while the balance was paid to the Federal Government of Nigeria, per the 2022 statement.

Also, the bank’s loans to the government, called Ways and Means advances, surged under Mr Emefiele to N23.3 trillion by 2022 as the lender loaned the federal government N6.2 trillion in 2022 alone.

This development is also coming after Mr Tinubu appointed a special investigator, Mr Jim Obazee, to examine the apex bank’s operations. Mr Obazee, a former CEO of the Financial Reporting Council of Nigeria, was appointed to set up a team and lead the probe.

He was tasked, among other things, to take steps to ensure the strengthening and probity of key Government Business Entities (GBEs), block leakages in CBN and related GBEs and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

“You are to investigate the CBN and related entities using a suitably experienced, competent and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made,” the appointment notice signed by President Tinubu said.

Mr Obazee investigated the CBN during Mr Sanusi Lamido Sanusi’s tenure and allegedly unearthed massive corruption.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.


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