The Central Bank today published a copy of its 2012 Annual report showing a surplus of N103billion a 29% rise from the N80billion posted in 2011. The CBN also contributed N80billion (N64 billion in 2011)of the surplus to the Federation Account. The CBN balance sheet as at December 2012 was N13.2trillion compared to N11.3trillion at same period 2011. The balance sheet included CBN instruments (borrowings) of about N2.5trillion compared to N1.5 trillion in 2011.
The account was a key aspect of the FRC report which was used by the Federal Government to suspend Sanusi (former Governor and now Emir of Kano). At the time, the FRC had alleged that the joint auditors of the CBN’s financial statement did not certify that the accounts give a true and fair view of the financial position of the CBN as at 31 December 2012. Sanusi responded that “the auditors do not certify accounts but only express opinions on the financial statements”. He also said “the joint auditors stated that the CBN’s 2012 financial statements were properly prepared and accorded with accounting policies and the provisions of the CBN Act 2007 and other applicable regulations.
You can download the annual report here and remember to skip to page 179 for the accounts and page 208 for external auditors opinion.