The Central Bank of Nigeria, CBN, has yet to publish its annual financial statements since 2022, despite statutory provisions requiring the apex bank to release its audited accounts annually.
The CBN’s official website on Thursday showed that the last publicly available annual report and financial statements were for the 2022 financial year.
Section 50 of the Central Bank of Nigeria, CBN, Act makes it mandatory for the apex bank to prepare, submit and publish its annual financial statements.
Specifically, Section 50(1) requires the CBN to transmit a copy of its annual accounts, duly certified by an external auditor, to both the President and the National Assembly within two months after the end of each financial year.
Section 50(2) provides that the annual report submitted to the President and the National Assembly must be published in a manner directed by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure that the annual accounts are published in the Federal Government Gazette “as soon as possible”.
Despite the clarity of these legal provisions, the CBN, which is responsible for regulating Nigeria’s financial sector, has yet to publish its annual financial statements beyond 2022.
Reacting to the development, financial analyst Kalu Aja wrote on X on Thursday: “The Central Bank of Nigeria, which requires annual returns from banks in Nigeria, has not published an Annual Report and Statement of Account since 2022.”
The CBN released its consolidated financial statements for seven years on August 11, 2023, for the first time since 2015.
Recall that President Bola Tinubu appointed Olayemi Cardoso as CBN Governor on September 15, 2023, following the removal of Godwin Emefiele in June.
Emefiele is currently standing trial for corruption-related offences.
Recall that last week, the Supreme Court ordered the final forfeiture of Emefiele’s properties and $2.045 million in cash.
