CBN Releases Financials Of 8yrs, Posts N65.6 Billion Profit Last Year

The Central Bank of Nigeria (CBN), yesterday, released the 2022 audited financial statement, showing a profit of N65.63 billion for the year.

In the period, the Group’s performance recorded a profit of N103.85 billion.

The performances were modestly higher than in 2021 when the group and bank’s accounts showed a profit of N75.13 billion and N31.04 billion respectively.

The apex bank, last night, published financial reports dating back to 2015 on it’s websites.

The regulator had come under intense criticism for failure to publish it’s financials in the past year’s, a decision Prof. Godwin Owoh described as a major flaw in the management of the institution and an indication of the depth of the rot.

Last month, President Bola Tinubu appointed Jim Obazee a “special investigator’ for the bank. A letter of suspension of Godwin Emfiele, who oversaw the bank in the past nine years, was attached to the letter of appointment of Obazee.

Obazee was Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC) when the ex-CBN governor, Lamido Sanusi, was similarly suspended.

The FRC he supervised was strongly linked with Sanusi’s suspension. Then, there were reports that the Council, dubbed the super-regulator in the financial circle, indicted the CBN for violating the financial reporting regulations contained in FRC Act.

Obazee, a renown auditor, was later suspended after the Code of Conduct rules he championed attempted to oust general overseers of churches. The leader of The Redeemed Christian Church of God, Pst Enoch Adeboye, actually stepped as head of the Nigeria operation following the law.

Obazee’s recent appointment was seen as a milestone in the investigation of the suspended CBN boss.

The released accounts was described by a source last night as a sign of a “rumble” ahead and a sign the new CBN management is cooperating. The Guardian could not independently confirm this.

But to Obazee were not picked. But a close ally told media some “works” had started in earnest.