The Central Bank of Nigeria (CBN) revealed that it disbursed N40.67 billion in loans to its staff members by December 2022, as per its audited financial statement. This marked a substantial 133.07% increase from N17.43 billion in 2021.
While the exact number of beneficiaries was not disclosed, the bank’s website sheds light on its staff strength. The CBN stated that it operates with approximately 4,914 staff members out of a bank-wide staff strength of 10,000, with 79% classified as professionals.
Interestingly, despite providing N155.63 billion in staff allowances in 2022, a figure that covered furniture, housing, leave, transport, productivity allowances, and others, the CBN’s recorded profit for the period was N65.63 billion—N90 billion less than the staff allowances.
Over a seven-year span, personnel costs amounted to N1.2 trillion, exceeding the recorded net income of N520.04 billion. The CBN’s profit trajectory experienced fluctuations, declining from N124.47 billion and N107.39 billion in 2016 and 2017, reaching its lowest point at N30.81 billion in 2020, before rising to N103.85 billion in 2022.
During this period, staff emoluments consistently rose, with N121.23 billion spent on personnel expenses in 2016, increasing annually to N265.87 billion in 2022.
Notably, credit loss expenses for the banking regulator also surged from N498.2 billion in 2021 to N875.2 billion in 2022, as indicated in the latest audited results, which were signed by the suspended CBN governor, Godwin Emefiele, and audited by Ernst & Young and KPMG.