A few comments on CBN's financials:

1. Financial Statements since 2015
CBN's financial statements since 2015 were audited and signed by the Auditors but some forces in CBN or government decided not to release them. I will show you why they didn't want to release them.

2. External Reserves
(a) External reserves on the audited account as at end of December was $32.4 Billion (this includes Gold Bullion of $1.3 Billion). However, external reserves on CBN's website on 31 December 2022 was $37 Billion. That's an overstatement of $4.7 Billion!

(b) CBN had pledged $7.5 Billion in external reserve to Goldman Sachs and JP Morgan in exchange for cash.
The impact of this transaction is that the actual value of external reserve is $24.9 Billion ($32.4 - $7.5).
This transaction, though may not be illegal, is quite pricey and has cost the CBN $691 Million in interest over 5 years.
Securities lending is usually for short term liquidity management, but CBN has been on this one for quite a while.

(c) CBN had a foreign currency forward payable of $6.8 billion as at December 2022. Netting this against $24.9 billion gives a truer picture of external reserves of $18 Billion.

(d) To summarize, CBN's website showed $37 Billion but the true picture is $18 Billion.

3. CBN's Overdraft to FG - N23.18 Trillion
The ways and means balance has been in the news for quite some time but now we have an audited document to prove it. CBN exceeded the statutory limit of ways & means by N22.9 Trillion. By law, CBN was only allowed to loan FG N252 Billion (5% of FG's revenue).
However, CBN made a paper income of N1.9 Trillion on this overdraft. The question is, at what cost?

4. Credit Losses - up by 76% to N875 Billion
There are no details of assets being impaired in the account, but a possible asset that could have suffered huge impairment is the balance on the Anchor Borrowers Programme (ABP).

5. Staff Loan
Staff loan has grown dramatically since Emefiele took over CBN. Staff loan grew by 200% from 13.7 billion Naira in 2014 to 41 billion Naira in 2022. No details about who took what, but that's a huge jump there.

6. CBN is not insolvent.
A quick way to assess solvency is by checking an entity's net asset. CBN has grown its net asset over the past 5 years.

Do central banks go bankrupt? 🤷
- Bukola Oyeboade @ooyeboade

Cool

The rodents are trying to put all the blame on Emefiele but the truth is that the couldn't have done so much damage without the active connivance and support of that Dunce from Daura.

Buharig's administration will go down as by far the most corrupt and disastrous administration in the history of the country if Tinubu is not removed by the tribunal and allowed to break his ignoble record.