The Central Bank of Nigeria (CBN) has taken a significant step towards transparency by releasing its Consolidated Financial Statements for the past seven years, marking the first public disclosure of its books since 2015.
Covering the financial periods from 2016 to 2022, the Consolidated Financial Statements were made public by the CBN. Notably, the CBN reported a profit after tax of N103.8bn in 2022, a notable increase from the N75.13bn recorded the previous year.
However, it’s important to note that the CBN carries financial obligations to JP Morgan and Goldman Sachs totaling $7.5bn as of the end of 2022. This includes an additional $6.3bn in foreign currency forwards.
Within this context, the apex bank clarified that it has debts of $500 million to Goldman Sachs and $7 billion to JP Morgan classified as securities lending.
This financial move is in line with the CBN’s aim to foster transparency, and it’s notable that these financial statements have been released under the leadership of Acting Governor Folashodun Shonubi. This stands in contrast to the criticism the former suspended CBN Governor, Mr. Godwin Emefiele, faced for not disclosing financial statements to the public, a move deemed a violation of the CBN Act.
Since its inception, the CBN had consistently published its annual reports on its website, except for a halt in 2016. According to the CBN Act 2007, the bank is mandated to publish its annual accounts within two months of each financial year’s end.
Analysts highlight that the absence of these reports could mislead investors and other stakeholders interested in the country’s economic status. President Bola Tinubu has taken a step to address these concerns by appointing Jim Obazee as a Special Investigator to scrutinize the CBN and related entities as part of the administration’s anti-corruption efforts. Obazee’s appointment underscores a commitment to accountability and transparency.