CBN Releases Financial Statements, Claim N65.6bn Profit Under Former President Buhari

The Central Bank of Nigeria (CBN), on Thursday, released its audited financial statements for 2016-2022, amid an ongoing investigation of its operations.

The apex bank said the financial statements of the last seven years posted on its website had been approved by its board in accordance with the provisions of the CBN Act of 2007.

Checks by TheCable Index showed that the CBN recorded a profit of N65.63 billion in 2022 — more than double the figure it reported a year earlier (N31.04 billion).

In the period under review, CBN (the Group) recorded a profit of N103.85 billion. 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.

In the last couple of years, Godwin Emefiele, the suspended CBN governor, had been severely criticized for not releasing the apex bank’s financial statements to the public.

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