The Central Bank of Nigeria (CBN) has released its audited financial statements for 2016-2022 as investigation on its operations continues.
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The financial sector regulator recorded a profit of N65.63 billion in 2022 — more than double the figure it reported a in the previous year (N31.04 billion).
The apex bank said the financial statements of the last seven years had been approved by its board in accordance with the provisions of the CBN Act of 2007.
In a report obtained from the apex bank, it said: “We present the state of affairs of the Group and the Bank as at 31 December 2022, the results and cash flows of the Group and the Bank in accordance with the accounting policies set out on pages 18 to 49 which are derived from the IFRS Standards as issued by the International Accounting Standards Board (IFRS Standards)”.
Continuing, it said the recommended practices in the guidelines issued February 2018, revised annually for reporting period up to 31 December 2022 by the Financial Reporting Council of Nigeria (FRC), titled “Accounting Guideline for Financial Reporting by Central Bank of Nigeria” (the Guideline) as it affects Central Bank of Nigeria operations, the CBN Act of 2007 and the Financial Reporting Council of Nigeria Act No. 6 of 2011.”
In the period under review, CBN (the Group) recorded a profit of N103.85 billion. The Group refers to CBN and its subsidiaries including the Nigerian Security Printing & Minting Plc (MINT), Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd), among others.
“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.
Data sourced from Nigeria’s apex bank 2022 report showed the CBN owes Goldman Sachs $500 million, JP Morgan $7 billion in securities lending, and another $6.3 billion owned in foreign currency forwards which are forex obligations it needs to make to foreign investors.
In the last couple of years, Godwin Emefiele, the suspended CBN governor, had been severely criticised for not releasing the apex bank’s financial statements to the public.
Since 2005 when it started publishing details of its annual report on its website, CBN never failed to publish the report until 2016 when the regulator abruptly stopped the publication of the document — an act that contravenes the law regulating its operations.
According to the CBN Act 2007, the apex bank is expected to publish its report within two months after the end of each financial 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.”
In July, President Bola Tinubu appointed Jim Obazee, former chief executive officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the CBN and related entities.
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