CBN Apex bank releases report which led to Sanusi’s suspension

Sanusi, who is now the Emir of Kano, was suspended after the Financial Reporting Council of Nigeria said that it had found discrepancies with the CBN’s accounts.

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The Central Bank of Nigeria (CBN) has released the controversial report which led to the suspension ex-Governor, Sanusi Lamido Sanusi in 2013.

Sanusi, who is now the Emir of Kano, was suspended after the Financial Reporting Council of Nigeria said that it had found discrepancies with the CBN’s accounts.

However, the apex bank released the report over the weekend and said that it had formally released its audited financial statements for 2013 and 2014 and has fully adopted the International Financial Reporting Standards (IFRS) for the financial statements.

The released financial statements indicate that the net income of the bank for 2013 amounted to N209.6 billion while that of 2014 was N35.4 billion out of which 80 per cent have since been remitted to the Federal Government of Nigeria in accordance with the Fiscal Responsibility Act. The balance of 20 per cent was also transferred to the Reserves within the bank.

The report reads:

“Available data showed that total foreign exchange inflows through the economy rose by 22.9 per cent to $146.27 billion in 2013. Of this, inflows through the CBN and autonomous sources amounted to $41.07 billion and US$105.20 billion and accounted for 28.1 and 71.9 per cent, respectively.”

 “Aggregate foreign exchange outflows through the economy rose by 17.9 per cent above the level in 2012 to $43.64 billion. The development was attributed to increased Dutch auction utilisation, national priority projects and external debt service by 27.9, 4.3 and 2.3 per cent, respectively. In addition, $1.00 billion was transferred to the Nigeria Sovereign Investment Authority (NSIA) account during the year for investment.”

“Overall, a net inflow of $102.63billion was recorded in 2013, compared with US$81.99 billion in the preceding year. Foreign exchange inflows through the CBN fell by 12. 2 per cent to $41.07 billion in 2013. The inflow from oil exports declined by 13.1 per cent on a year-on-year basis, occasioned by oil theft and pipeline vandalism in the Niger-Delta, which affected the oil production and volume of crude oil exported.”

Sanusi is however believed to have been suspended because he alleged that the sum of $20 billion had gone missing for the accounts of the Nigerian national Petroleum Corporation (NNPC).

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