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CBN finally releases audited accounts, profits surge to N103.8 billion in 2022



The Central Bank of Nigeria released its long-awaited audited accounts for the year ended December 2022 showing it made a profit after tax of N103.8 billion up from N75.1 billion reported a year earlier.

The results which are published on the website of the apex bank included audited results for 2016, 2017, 2018, 2019, 2020, and 2021.

The apex bank’s results also show it reported a profit after tax every year for the last 8 years consecutively despite facing currency depreciations and doling out intervention funds, and loans to the government amongst other development finance activities.

Until now, the results have been withheld from the public under Godwin Emefiele. However, the recent decision of President Tinubu to investigate the apex bank’s operations under the suspended CBN Governor may have triggered the release of the financial statements.

Details of the results

The latest result which was signed by Godwin Emefiele and audited by EY and KPMG shows the apex bank has relied on a combination of higher interest income, fees, and commissions to remain profitable.

A cursory analysis of the results shows the apex bank earned a net interest income of N1.8 trillion compared to N1 trillion a year earlier representing an 80% surge in net interest income.

Net operating income was N1.2 trillion compared to N1.1 trillion same period in 2021. Total operating expenses also rose from N1.1 trillion in 2021 compared to N1.2 trillion in 2022.

Ways and Means Income Surge: A major source of interest income was from loans and advances in the form of overdrafts given to the federal government.

  • The loans totaling N23 trillion and also known as “Ways and Means” generated interest of N1.9 trillion for the apex bank compared to N1.2 trillion in the prior year.
  • The controversial loan has been criticized for its size and flouting of the central bank act that only allows the apex bank to lend a maximum of 5% of prior year FG revenues to the government.

According to the audited accounts of the apex bank, the Ways and Means provision is priced at a whopping MPR+3%.

  • “Included in interest income on Loans and receivables is interest income on Overdraft facility granted to the Federal Government amounting to N1.9 trillion (2021: N1.2 trillion). The interest rate applied on this facility is MPR+3%.” CBN

The apex bank’s results also show it earned an additional N247 billion and N156 billion from AMCON and via FGN Securities respectively.

The apex bank also reported another N422.7 billion in income derived from “debt instruments measured at fair value through profit and loss (FVTL). FVTL is a way companies account for certain investments they own. Instead of noting the investment’s original cost, the company regularly updates the investment’s value to reflect its current market price.

This method ensures that the financial statements reflect the most up-to-date value of the investment.

Forex Income: Rounding up its major income sources was N104.5 billion income earned from commissions from the sale of foreign currency and other related transactions.

Another N15.9 billion was earned from processing currency, Bureau de Change application and registration, commission on fund transfers, and other banks and financial institutions’ application and licensing fees.

Expenses loaded intervention, fx, and credit-related losses

But as the apex bank’s income surged through the extension of loans to the federal government and from forex transactions, it also incurred huge expenses on forex and loan impairments.

A key feature of the expenses was N888.3 billion incurred by the apex bank as “other operating expenses” during the year (N884.2 billion in 2021).

  • A breakdown of the amount reveals closer to half of the expenses (N346.2 billion) were losses arising from foreign exchange revaluation losses.
  • Also included is another N155.5 billion incurred as “rebate expenses” which the apex bank explained was connected to RT 200 and Naira4Dollar, a policy under CBN led Godwin Emefiele to attract forex inflows.

For example, the RT 200 allowed the apex bank to pay exporters an incentive for repatriating their dollars.

  • “Rebate expenses represent expenses incurred by the CBN in connection with the RT200 and Naira 4 Dollar schemes which the Bank introduced to enhance foreign currency inflow, diversify the sources of FX inflow, increase the level of non-oil exports, ensure stability and sustainability of FX inflows, and support export-oriented companies to expand their export operations and capabilities.

The Bank stated it incurred N137 billion in 2022 on the RT200 scheme and  In 2021 Naira 4 Dollar expense was N4 billion. This policy has since been dropped since the unification of the naira was announced.

FG Expenses: Another major expense item reported by the central bank and included in the “other operating expense” was N125 billion (N45 billion in 2021) which it incurred in connection to national security, the federal government, and security agencies. While the expenses are actually an extension of loans to the federal government, it is expensed on the FG repays the loans

  • intervention activities expenses represents expenses carried out by CBN in connection with national security, federal government, state securities, armed forces, financial sector capacity building where there is important need for the fund. All payments made in relation to intervention activities embarked on by the Group are expensed as incurred. However, payments made by the Group in relation to intervention activities on behalf of the Federal Government are recognized as receivables and are fully impaired after 12 months if the amount is not received from the Federal Government.

Credit Losses: The apex bank also reported a whopping N875.2 billion in credit losses almost double the N498.2 billion reported a year earlier.

  • This suggests most of the interest earned was dented by impairment on its loans.
  • The apex bank did not break down which of its borrowers have or are defaulting. However, its balance sheet shows a total loan of about N31.4 trillion.

The apex bank’s balance sheet expanded by about N22 trillion from N35.5 trillion in 2018 to about N57.9 trillion in 2022.


5 not-so-obvious signs you’re a horrible boss and employees probably hate you




Recently, a lot of attention has been given to bosses who create a toxic atmosphere at work, but the truth is that many toxic bosses lack self-awareness, and introspection is hard, so let’s help them with some clarity.

Here are five not-so-obvious signs you’re a terrible boss:

This is often a gaslighting technique used to make people take on things that aren’t really part of their job description, because how else can a boss rationalise forcing all his or her employees to attend their colleague’s naming ceremony or wedding and contribute money towards it? You can’t enforce what people use their private time and money to do.

Another way the “we are a family” phrase leads to toxicity is sending employees on errands that have nothing to do with work, like picking up your laundry.

We are building something big in another phrase toxic bosses say to force you to take pay cuts and work crazy hours. It’s often healthier to differentiate work from family.

A quality of a good boss is tact, and a quality of a bad boss is a lack of tact. There are just some things you shouldn’t say, like sexual jokes such as “I bet you had a wild night last weekend” or “When was the last time you had sex?”.

Also, when passing criticism, you shouldn’t cast aspersions on their character or mutter full-blown insults like, “You are dumb” or “fool” “stupid”.

To expect people to put in their best and even come to the office and not pay them when due is akin to emotional torture. If you can’t pay your employees, you probably shouldn’t hire them in the first place.

If you are sending an urgent email or putting a phone call through by 12 a.m. in the middle of the night, then you are quite toxic. Except that it’s a matter of literal life and death, there is no need to send that mail or put that call through to your employees. The same rule applies on weekends and when they are on vacation.

Before you schedule a long meeting, ask yourself, “Can this be an email?” If you love to waste everyone’s time in meetings that really don’t add to productivity, then rest assured that your employees or subordinates probably hate you.

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Presidential fiscal committee to end obsolete taxes, says Taiwo Oyedele




Taiwo Oyedele, the chairman of the presidential committee on fiscal policy and tax reforms, says they will be revoking some taxes considered to be unduly burdensome.

Oyedele told the national economic council (NEC), chaired by Vice-President Kashim Shettima, on Thursday, that his team will be looking into suboptimal and obsolete taxes that need to be repealed.

He said the committee will also be enacting new harmonised tax laws, as well as provide a list of taxes and levies — that do not exceed a single digit — for all levels of government.

Listing other expectations from the committee, Oyedele said they would also produce a new national policy on tax and fiscal policy for ratification by the federal and state governments after reviewing the 2017 national tax policy.

He said the committee will also be providing a national fiscal risk framework for efficient fiscal governance, fiscal consolidation, and stability.

The fiscal policy expert told NEC that the committee will draft bills for constitutional amendments on fiscal matters to promote fiscal federalism, as well as enhance the revenue administration system to improve revenue mobilisation.

According to Oyedele, part of the committee’s outcomes include ensuring a robust framework for tax revenue accounting and reporting to improve taxpayer trust and establishing of national office of tax ombudsman, fiscal policy, and tax simplification.

He said the team will also mobilise revenue through tax and non-tax, as well as review the quality of government spending.

“The committee will identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive Economic growth,” Oyedele said.

He said they are also expected to review and redesign sustainable debt management as part of the fiscal system.

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Our three subsidiaries paid N474bn tax to FG, says Dangote




Three subsidiaries of Dangote Group paid a total of N474bn as tax to the Federal Government in three years.

An official of Dangote Group, Hashem Ahmed, disclosed this at the opening ceremony of the 18th Abuja International Trade Fair on Thursday.

Ahmed, who represented the multibillion dollar group, disclosed this while speaking on the theme of the fair titled, ‘Sustainable financing and taxation as drivers of the new economy’.

The trade fair was organised by the Abuja Chamber of Commerce and Industry, in conjunction with other private and public partners.

After conveying the greetings and well wishes of the Group President, Aliko Dangote, Ahmed said, “For us, the theme for this year, which focuses on sustainable financing and taxation, is apt, as it resonates with our modus operandi.

“As you may be aware that apart from being the highest employer of labour in the private sector, the Dangote Group is also the biggest tax payer. In just three years, Dangote subsidiaries paid a staggering N474bn to the Federal Government.

“These are Dangote Sugar, Dangote Cement and Dangote Salt, combined. This corridor of sustained financial support by the Dangote Group is in addition to several empowerment/skill acquisition programmes, Corporate Social Responsibility programmes, sponsorship and philanthropic schemes, running into several billions of naira.”

He said the group was also pleased that the Federal Government was pursuing a tax reform policy that would help expand the tax net and provide necessary financing for the development of the country’s infrastructures.

Also speaking at the event, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said the government had announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges.

Uzoka-Anite, who was represented by the Director, Commodity and Export, FMITI, Kaura Irimiya, stated, “We intend to spend N75bn by March 2024 to strengthen the manufacturing sector. We also intend to provide small grants to micro businesses in each to the 774 Local Governments of the federation.

“We have also earmarked a fund of N75bn that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.”

She added that last week, “we launched the National Technology Export programme, in partnership with Microsoft and earlier this year, we launched the over $600m investment in Digital and Creative Enterprises programme, in partnership with African Development Bank and other partners.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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