The Central Bank of Nigeria (CBN) has finally released its eagerly anticipated audited accounts for the first time since 2015, reporting a profit of N103.8 billion in 2022, the highest since 2017.
The findings, which were audited for the last six years and published on the CBN website, indicated that the apex bank made a profit of N124.4 billion in 2016, N107.3 billion in 2017, N43.7 billion in 2018, N34.6 billion in 2019, N30.8 billion in 2020, and N75.1 billion in 2021.
Further research revealed that the top bank earned N1.9 trillion in interest on the loans to the federal government, popularly known as “Ways and Means,” compared to N1.2 trillion the year before.According to the apex bank’s financial statements, federal government securities and asset management company of Nigeria earnings totaled N247 billion and N156 billion, respectively.
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“The Group pledged its holdings in foreign assets in exchange for cash under a securities lending deal it entered into with Goldman Sachs and J. P. Morgan. The cash received from Goldman Sachs is N0.23 trillion ($500 million), N0.22 trillion ($500 million), and JP Morgan are recognized in other foreign securities for N3.23 trillion ($7 billion), N3.05 trillion ($7 billion), respectively, according to the apex bank.The CBN’s statistics also demonstrated that despite dealing with currency depreciations and providing intervention money and loans to the government, among other development finance initiatives, it had reported a profit after tax every year for the previous eight years.
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Under former CBN Governor Godwin Emefiele, the results had previously been kept secret.
Meanwhile, the Central Bank of Nigeria (CBN) has finally made public its audited accounts, which have been sought since 2015, recording a profit of N103.8 billion in 2022, the highest since 2017.
According to the findings, which are available on the CBN website, the apex bank recorded profits of N124.4 billion in 2016, N107.3 billion in 2017, N43.7 billion in 2018, N34.6 billion in 2019, N30.8 billion in 2020, and N75.1 billion in 2021.
Further research revealed that the top bank earned N1.9 trillion in interest on the loans to the federal government, popularly known as “Ways and Means,” compared to N1.2 trillion the year before.
According to the apex bank’s financial statements, federal government securities and asset management company of Nigeria earnings totaled N247 billion and N156 billion, respectively.