In the midst of an ongoing inquiry into its activities, the Central Bank of Nigeria (CBN) on Thursday issued its audited financial accounts for 2016–2022. The apex bank stated that its board had approved the financial statements of the previous seven years, which were uploaded on its website, in compliance with the CBN Act of 2007's stipulations.
The CBN claimed a profit of N65.63 billion in 2022, more than double the amount it posted a year earlier (N31.04 billion), according to checks by Index from The Cable Newspaper, a Nigerian news publication.
CBN (the Group) reported a profit of N103.85 billion for the time period under review. The term "Group" alludes to the CBN and its affiliates, which include, among others, Nigerian Security Printing & Minting Plc (MINT) and Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd).
“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 provision of the Fiscal Responsibility Act 2011, 20 percent of the net income of the bank will be credited to retained earnings, while the balance will be paid to the federal government of Nigeria,” the report reads.
Godwin Emefiele, the suspended CBN governor, has been under heavy fire in recent years for failing to make the apex bank's financial accounts public.
Up until 2016, when the regulator unexpectedly ceased releasing the document in violation of the legislation governing its activities, CBN had never failed to publish the annual report since it began publishing elements of it on its website in 2005.
The CBN Act of 2007 mandates that the apex bank publishes its report within two months of the end of each fiscal year.
“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,” the Act reads in part.
“A report required to be submitted to the national assembly and the president shall be published by the bank in such a manner as the governor may direct. The board shall ensure that accounts submitted pursuant to this section shall, as soon as possible, be published in the Gazette.
The bank shall, as soon as may be practicable after the last day of each month makeup end, publish a return of its assets and liabilities as at the close of business on that day, or if that day is a holiday, as at the close of business on the last preceding business day.”
Jim Obazee, a former CEO of the Financial Reporting Council of Nigeria, was chosen by President Bola Tinubu as a special investigator to look into the CBN and associated organizations last month.