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CBN Releases Financials of 7yrs Amid Probe

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The Central Bank of Nigeria (CBN), has released its Consolidated Financial Statements for the last seven years.

The CBN’s financial reports published Thursday night on its website, was the first since  2015.

The Group’s performance for 2022, showed a profit of N103.85 billion.

The performance was modestly higher than in 2021, when the group and bank’s accounts showed a profit of N75.13 billion and N31.04 billion, respectively.

The report also showed the CBN owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of December 2022.

“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,” the statement partly read.

The apex regulator had come under intense criticism for failure to publish it’s financials in the past years.

Godwin Emefiele, who oversaw the CBN for nine years, was suspended by President Bola Tinubu in June, to allow for investigation into some allegations levelled against the CBN former governor.

Emefiele, who was subsequently arrested in Lagos State and flown to the Federal Capital Territory, Abuja, by the Department of State Service for interrogation, is currently standing trial for alleged illegal possession of firearms and ammunition.

Last month, President Tinubu appointed Jim Obazee, a former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC) a special investigator for the CBN.

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