CBN releases financial statements of 7 years, says it doubled profit to N65.6bn in 2022

The Central Bank of Nigeria (CBN), on Thursday, released its audited financial statements for 2016-2022, amid an ongoing investigation of its operations.

The apex bank said the financial statements of the last seven years — posted on its website — had been approved by its board in accordance with the provisions of the CBN Act of 2007.

Checks by TheCable Index showed that the CBN recorded a profit of N65.63 billion in 2022 — more than double the figure it reported a year earlier (N31.04 billion).

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.

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.”

Last month, 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.