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CBN Releases Financials Of Seven Years Amid Investigation - Business - Nairaland

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CBN Releases Financials Of Seven Years Amid Investigation by ijustdey: 12:18pm On Aug 11, 2023
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 will be making its book available for public scrutiny.

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

The CBN declared a profit after tax of N103.8bn in 2022, up from N75.13bn reported a year earlier.

Also, the CBN owes JP Morgan and Goldman Sachs a combined sum of $7.5bn as of the financial year ended December 2022.

Included as part of its liabilities is another $6.3bn owned in foreign currency forwards.

The apex bank, however, stated it owes Goldman Sachs $500 million and JP Morgan $7 billion in what it classified as securities lending.

The 2022 financial statement read, “The Group entered into a securities lending agreement with Goldman Sachs and J. P. Morgan and as part of the agreement, the Group pledged its holdings on foreign securities in return for cash. The cash received from Goldman Sachs is N0.23tn ($500m), 2021: N0.22tn ($500m), and JP Morgan N3.23tn ($7bn), 2021: N3.05tn ($7bn) is recognised in other foreign securities.”

Securities lending forms part of the CBN’s total external reserves of about N14.3tn or $29bn using the official exchange rate of N494/$1 as of 2022.

However, the apex bank also owes another N3.15tn ($6.3bn) in foreign currency forward which are forex obligations it needs to make to foreign investors.

The financial statements uploaded on the CBN website is an indication that the apex bank, under the leadership of acting Governor Folashodun Shonubi, is ready to open its book to public scrutiny.

The suspended CBN Governor, Mr Godwin Emefiele, had come under attack 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 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,” 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 CBN and other related entities.

In a letter dated July 28, 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 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 had 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.

https://punchng.com/cbn-releases-financials-of-seven-years-amid-investigation/?amp

9 Likes 3 Shares

Re: CBN Releases Financials Of Seven Years Amid Investigation by incandescentena: 12:20pm On Aug 11, 2023
Weak CBN.

Naira is 919 to the Dollar all time highest as at this moment under their worthless watch.

Emefiele should face judgement sad

24 Likes 3 Shares

Re: CBN Releases Financials Of Seven Years Amid Investigation by hybrid77: 12:21pm On Aug 11, 2023
grin

Like we are all kids..mtcheeeeew

1 Like

Re: CBN Releases Financials Of Seven Years Amid Investigation by inoki247: 12:27pm On Aug 11, 2023
Lol ok na.
Re: CBN Releases Financials Of Seven Years Amid Investigation by gender123: 12:30pm On Aug 11, 2023
grin
Re: CBN Releases Financials Of Seven Years Amid Investigation by AmGreat1234: 12:31pm On Aug 11, 2023
CBN without swagz.

2 Likes 1 Share

Re: CBN Releases Financials Of Seven Years Amid Investigation by Grit2943(m): 12:31pm On Aug 11, 2023
Profit after tax for some banks in Nigeria for the year ended 2022

N129. 4bn- First Bank
NGN223.9bn - Zenith
N170.3bn- UBA
N169.2bn- GTB
N152. 20bn- Access


It is shameful that CBN is declaring N103.8bn as PAT

26 Likes 1 Share

Re: CBN Releases Financials Of Seven Years Amid Investigation by intergral(m): 12:32pm On Aug 11, 2023
Let us continue to deceive ourselves... The people destroying this country are not more than 5000 and yet 230 million sat down ad let them ruin their lives... They steal and rub it on our faces... Also these people live amongst us and move amongst us! But it is the person that stole 100 naira garri you're lifting weapons to beat... Let's keep deceiving ourselves, when we tire we go serious!

37 Likes

Re: CBN Releases Financials Of Seven Years Amid Investigation by MT: 12:32pm On Aug 11, 2023
CBN should be put under intense watch.

The kind of corruption going on from recruitment (man knows man), to operations is frightening.

4 Likes

Re: CBN Releases Financials Of Seven Years Amid Investigation by Risingblue008(m): 12:33pm On Aug 11, 2023
Hgf
Re: CBN Releases Financials Of Seven Years Amid Investigation by Frizz001: 12:33pm On Aug 11, 2023
Upeh! Let us see what comes out of all this initial gra gra.
The scapegoat of course will be the unfortunate, yet greedy appointee that refused to be sensible and cover his arse professionally! The dirty president called Buhari that appointed him and is known for his criminal, taciturn opacity will of course not be questioned! Integrity my phat arse!

1 Like 1 Share

Re: CBN Releases Financials Of Seven Years Amid Investigation by maleekberry: 12:33pm On Aug 11, 2023
I pity this country
Re: CBN Releases Financials Of Seven Years Amid Investigation by whippersnapper(m): 12:34pm On Aug 11, 2023
The people expecting ebola to wave a magic wand and rescue the economy must be living in wonderland. Everything is moribund How some people are still surviving in this zoo is how i don't know or is it that there are sharing palliatives that i don't know abi senate president dey send prayers to una email account. omo make God help us make we no go explain tire

1 Like 1 Share

Re: CBN Releases Financials Of Seven Years Amid Investigation by Eriokanmi: 12:34pm On Aug 11, 2023
incandescentena:
Weak CBN.

Naira is 919 to the Dollar all time highest as at this moment under their worthless watch.

Emefiele should rot in dss or kuje sad
Emefiele isn't there anymore. Dollar was 720 before he was picked. That I & E window fx policy introduced by tinubu caused the current economic woes. He was warned against it by some economists but he refused to listen. GBP is going to 1,200 naira now...just one pound. Benin Republic Cefa, which used to be 10,000 cefa to 1,000 naira has now overtaken naira in value.

I don't know what else to call this if not madness.

3 Likes

Re: CBN Releases Financials Of Seven Years Amid Investigation by Risingblue008(m): 12:34pm On Aug 11, 2023
incandescentena:
Weak CBN.

Naira is 919 to the Dollar all time highest as at this moment under their worthless watch.

Emefiele should rot in dss or kuje sad

Hold tinibu,
I say go and hold tinibu or buhari,
Leave emefiele along

1 Like 2 Shares

Re: CBN Releases Financials Of Seven Years Amid Investigation by Segunbabba(m): 12:35pm On Aug 11, 2023
Federal government should ban Binance and Kucoin now if they want the stability of naira. Since binance and Kucoin have refused to sell at the central bank official rate, Tinubu should ban them now

5 Likes 1 Share

Re: CBN Releases Financials Of Seven Years Amid Investigation by MichaelSokoto(m): 12:36pm On Aug 11, 2023
if u post any advert here, I will ban u 10 yrs!

Jez try am!
angry
Re: CBN Releases Financials Of Seven Years Amid Investigation by gift2xl: 12:37pm On Aug 11, 2023
Forget this game, initial gragra.
Just pray 🙏 God bless you and your family.

1 Like

Re: CBN Releases Financials Of Seven Years Amid Investigation by imbless: 12:37pm On Aug 11, 2023
This country is long gone, I don commit mind for this country, I'm fighting to better my life this country can turn to dust for all I care.

4 Likes

Re: CBN Releases Financials Of Seven Years Amid Investigation by MykellOni(m): 12:37pm On Aug 11, 2023
Attendance: Present ✔️
So What are we supposed to do with that??
You can only keep fooling your gullible followers....
Re: CBN Releases Financials Of Seven Years Amid Investigation by gift2xl: 12:38pm On Aug 11, 2023
intergral:
Let us continue to deceive ourselves... The people destroying this country are not more than 5000 and yet 230 million sat down ad let them ruin their lives... They steal and rub it on our faces... Also these people live amongst us and move amongst us! But it is the person that stone 100 naira garri you're lifting weapons to beat... Let's keep deceiving ourselves, when we tire we go serious!

Lead the way.

3 Likes

Re: CBN Releases Financials Of Seven Years Amid Investigation by marlow1962(m): 12:40pm On Aug 11, 2023
Clown government sad

1 Like

Re: CBN Releases Financials Of Seven Years Amid Investigation by SmartPolician: 12:42pm On Aug 11, 2023
The CBN makes a lot of money. When I saw Sanusi throwing CBN money up and down, I realise that the bank is actually very rich.

1 Like

Re: CBN Releases Financials Of Seven Years Amid Investigation by Benzeman0(m): 12:43pm On Aug 11, 2023
Issoright
Re: CBN Releases Financials Of Seven Years Amid Investigation by SalamRushdie: 12:43pm On Aug 11, 2023
Under Buhari CBN didn't release it's financials for 8 whole years

3 Likes

Re: CBN Releases Financials Of Seven Years Amid Investigation by InvertedHammer: 12:44pm On Aug 11, 2023
/
Goldman Sachs in Nigeria? grin grin

The economic road to recovery for Nigeria will extend till eternity.

/

2 Likes

Re: CBN Releases Financials Of Seven Years Amid Investigation by wman(m): 12:45pm On Aug 11, 2023
AT least we are free from Emperor Emefiele and his financial manipulations with the CBN. It's a shame that Buhari gave him such free hand.
Re: CBN Releases Financials Of Seven Years Amid Investigation by tunwumi: 12:45pm On Aug 11, 2023
Ik
Re: CBN Releases Financials Of Seven Years Amid Investigation by gift2xl: 12:45pm On Aug 11, 2023
imbless:
This country is long gone, I don commit mind for this country, I'm fighting to better my life this country can turn to dust for all I care.

1 Like

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