CBN releases annual report after 7 years, makes N65.6b profit in 2022

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Abuja, Aug, 11, 2023 – The Central Bank of Nigeria (CBN) recorded a profit of N65.63 billion in 2022 financial year, a steady growth from N31.04 billion profit posted in 2021.

The apex bank reported this in its 2022 audited financial statement which has been approved by the bank board.

The 2022 financial statement of the bank is posted on its website.

The 2022 audited financial statement is coming 7 years after the CBN published its last financial statement in 2015.

The statement said the bank Group also recorded a profit of N103.85 billion profit in 2022.

The Group refers to CBN and its subsidiaries including the Nigerian Security Printing & Minting Plc (MINT), Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd), among others.

“The Group and bank’s profit for the year was N103,854 million and N65,626 million, respectively (2021: N75,125 million and N31,044 million respectively).

“In line with the provision of the Fiscal Responsibility Act 2011, 20 percent of the net income of the bank will be credited to retained earnings, while the balance will be paid to the federal government of Nigeria,” the report reads.

The CBN was under the Godwin Emefiele, the suspended CBN governor during the seven years period the bank did not publish its annual reports.

The bank stopped publishing its annual reports in 2015 in contravention of its laws.

Going by the CBN Act 2007, the bank should publish its annual report within two months after the end of each financial year.

The law says: “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.”

CBN is currently being investigated by the Federal Government. (GBN)

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