The Central Bank of Nigeria (CBN) has not released its audited financial reports since the 2022 fiscal year, raising concerns about compliance with national regulations. Verification of the official CBN website confirms that no financial documentation has been made public for the period following 2022.
The CBN Act, specifically Section 50, dictates that the apex bank must prepare and publish its annual financial records. Section 50(1) necessitates that the institution submit audited accounts to the President and the National Assembly within two months following the end of each fiscal year. Furthermore, subsections 50(2) and 50(3) require that these reports be made available to the public and published in the Federal Government Gazette.
Financial commentator Kalu Aja highlighted this discrepancy on social media, pointing out the irony that the regulator of Nigeria’s banks has failed to meet the same transparency standards it enforces on other institutions. While the CBN did publish seven years of consolidated reports in August 2023, the institution has remained silent regarding more recent updates.
The leadership of the CBN shifted in 2023 when President Bola Tinubu appointed Olayemi Cardoso to replace Godwin Emefiele. Emefiele currently faces legal proceedings regarding corruption charges. Most recently, the Supreme Court mandated the permanent forfeiture of several assets and over $2 million in cash associated with the former governor.
