The Central Bank of Nigeria (CBN) has disclosed its Consolidated Financial Statements for the past seven years.
This marks the first instance since 2015 that the apex bank is allowing the public to scrutinize its financial records.
The released Consolidated Financial Statements pertain to the financial periods of 2016 through 2022. Notably, the CBN’s profits after tax surged from N75.13 billion to N103.8 billion in 2022.
Amid these revelations, it has come to light that the CBN holds a combined debt of $7.5 billion with JP Morgan and Goldman Sachs as of the end of December 2022.
Additionally, foreign currency forward obligations amounting to $6.3 billion contribute to the bank’s liabilities.
In an interesting twist, the CBN clarified that it is liable to Goldman Sachs for $500 million and JP Morgan for $7 billion as part of securities lending.
This arrangement involved pledging foreign securities for cash.
This disclosure is vital as it encompasses a portion of the CBN’s total external reserves, which stands at around N14.3 trillion or $29 billion as of 2022.
These financial statements, accessible on the CBN website, signify the institution’s willingness to be transparent under the leadership of acting Governor Folashodun Shonubi.
This step contrasts with the actions of suspended CBN Governor, Mr. Godwin Emefiele, who faced criticism for withholding these statements.
Furthermore, President Bola Tinubu has appointed Jim Obazee as a Special Investigator to delve into the operations of the CBN and related entities.
This action aligns with the administration’s anti-corruption agenda, and Obazee is expected to collaborate with relevant security and anti-corruption agencies to fulfill this role.
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