After a seven-year hiatus, the Central Bank of Nigeria (CBN) has published its financial report for the year ended December 31, 2022.
The apex bank last published its financial statement in 2015.
The financial statement comes two weeks after ex-CEO of Financial Reporting Council of Nigeria’s Jim Obazee was appointed by President Bola Tinubu as special investigator to look into the books of the bank.
The Consolidated Financial Statements which were released by the bank are for the 2016, 2017, 2018, 2019, 2020, 2021, and 2022 financial periods.
The published report revealed a profit of N65.63 billion for the period while also advancing a N23.18 trillion loan to the federal government under Ways and Means.
The bank’s group performance also exhibited a favorable outcome, recording a profit of N103.85 billion during the same year.
“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 read in part.
According to the CBN Act 2007, the apex bank is expected to publish its report within two months after the end of each financial year.
“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.
The report stated that the Apex bank incurred the sum of N888.3 billion as operating expenses.
A breakdown revealed that the sum of N346.2 billion was from foreign exchange revaluation losses.
Also, N155.5 billion was incurred as rebate expenses from the RT 200 and Naira4Dollar policies which were targeted to attract forex inflows.
“Rebate expenses represent expenses incurred by the CBN in connection with the RT200 and Naira 4 Dollar schemes which the bank introduced to enhance foreign currency inflow, diversify the sources of FX inflow, increase the level of non-oil exports, ensure stability and sustainability of FX inflows, and support export-oriented companies to expand their export operations and capabilities,” the report read further.
