For The First Time In Seven Years, CBN Publishes Consolidated Financial Statements

The Central Bank of Nigeria has released the Consolidated Financial Statements for the last seven years making it the first time since 2015 that the apex bank would be making its book available for public scrutiny.

The Consolidated Financial Statements which were released by the CBN are for the 2016, 2017,2018,2019,2020, 2021 and 2022 financial periods.

The financial statements uploaded on the CBN website is an indication that the apex bank under the leadership of the Acting Governor Folashodun Adebisi Shonubi is ready to open it’s book to public scrutiny.

The suspended CBN Governor,Mr Godwin Emefiele had come under attacks for not releasing the financial statements to the public.

The action of Emefiele is in gross violation of the CBN Act.

Since 2005 when it started publishing details of its annual report on its website, the CBN never failed to publish the report until 2016 when it stopped the publication of the crucial documents.

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.

“A report required to be submitted to the National Assembly and the President shall be published by the Bank in such 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,” the Act reads.

Analysts are of the view that the failure of the CBN to publish the report could send wrong signals to investors and others interested in understanding the state of the economy.

President Bola Tinubu had appointed Jim Obazee as a Special Investigator to probe the activities of the Central Bank of Nigeria and other related entities.

In a letter dated 28 July, Tinubu said the appointment of Obazee, relying on the fundamental objective set forth in Section 15(5) of the Nigerian constitution, was in furtherance of his administration’s anti-corruption fight.

The appointment is with immediate effect and Mr Obazee is to report directly to the president.

According to the letter signed by the president, the full terms of Obazee’s engagement as a special investigator will be communicated to him in due course.

The president directed Obazee to investigate the CBN and related entities using a suitably experienced, competent and capable team and to work with relevant security and anti-corruption agencies to deliver on the assignment

ENDS
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