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Finally, CBN publishes financial reports dating back to 2015, records N65.63 bln profit for 2022

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The Central Bank of Nigeria (CBN) unveiled its audited financial statement for the year 2022 on Tuesday, revealing a profit of N65.63 billion ($159 million) for the period.

The bank’s group performance also exhibited a favorable outcome, recording a profit of N103.85 billion ($251 million) during the same year.

“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 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 of the board directors stated.

These financial achievements marked a modest improvement compared to the previous year. In 2021, the group and bank reported profits of N75.13 billion ($182 million) and N31.04 billion ($75 million) respectively.

The disclosure of the financials is part of the CBN’s efforts to enhance transparency and accountability. The apex bank published financial reports spanning back to 2015 on its official website, addressing criticisms it had faced for not releasing financial statements in previous years.

The delayed financial reports in prior years had drawn intense criticism, with experts like highlighting them as a significant flaw in the institution’s management, indicative of underlying issues.

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In a notable move last month, President Bola Ahmed Tinubu appointed a former head of the Financial Reporting Council Nigeria (FRCN), Jim Obazee as a “special investigator” for the central bank.

Obazee, a well-regarded auditor, was previously the Chief Executive Officer of the FRCN during the time of former CBN governor Lamido Sanusi’s suspension.

Obazee’s latest appointment has been perceived as a significant development in the investigation of the suspended CBN boss, Godwin Emefiele. Notably, a letter of suspension for Emefiele was attached to Obazee’s appointment letter, reminiscent of events during Sanusi’s suspension.

The release of the financial accounts is being interpreted by some as a precursor to upcoming developments, potentially indicating a cooperative approach from the new CBN management. However, these claims have not been independently verified.

While specific details of Obazee’s ongoing activities remain undisclosed, a close associate indicated that significant steps have already been initiated as part of the investigation process.

Investors and financial analysts are eagerly anticipating further developments and insights into the central bank’s operations as the investigation unfolds.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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