CBN loans to its employees rise to N40b from N520b net income
By Jeph Ajobaju, Chief Copy Editor
Loans granted by the Central Bank of Nigeria (CBN) to its members of staff rose to N40.67 billion in 2022, which jumped 133.07 per cent from N17.43billion in 2021, as gleaned from the newly released audited financial statement of the CBN for 2022.
The statement did not provide details on the number of beneficiaries, but the CBN website explains its staff strength.
“From a bank-wide staff strength of 10,000 staff, excluding the over 2,000 casuals in the HQ and branches as at 1999, the bank operates with a substantially reduced staff strength of and (sic) 4,914 by December 2005, further down from 6,119 as at December 2004. It should be noted further that 79 percent of current staff are now professionals,” the CBN said.
The huge loans were granted despite N155.63 billion paid as staff allowances in 2022.
The report explained the allowances included furniture, housing, leave, transport, productivity, and “others paid to staff during the period.”
Staff allowances were N90 billion higher than N65.63 billion profit the CBN made in 2022, and 37.2 per cent above N113.35 billion spent on such allowances in 2021.
According to the report, the CBN spent N1.2 trillion on personnel costs in the seven years from 2016 to 2022 with a net income of N520.04 billion.
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Profit, staff emoluments and allowances
Per reporting by The PUNCH, other details in the financial accounts in the period include:
- Staff emoluments steadily rose 119 per cent over the period
- Profit declined from N124.47 billion in 2016 to N107.39 billion in 2017
- Profit declined from N107.39 billion in 2017 to N43.77 billion in 2018
- Profit declined to N34.63 billion in 2019 and to N30.81 billion in 2020
- Profit rose to N75.12 billion in 2021 and to N103.85 billion in 2022
- Staff emoluments steadily grew 119 per cent over the period
- They rose to N121.23 billion in 2016, to N135.95 billion in 2017 and N137.36 billion in 2018
Staff salaries, allowances, and benefits shut up to N168.03 billion in 2019, N183.60 billion (2020), N200.04 billion (2021), and N265.87 billion (2022).
The result, which was signed by suspended CBN Governor Godwin Emefiele, was audited by Ernst & Young and KPMG.
It shows credit loss expense increased from N498.2 billion in 2021 to N875.2 billion in 2022.