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CBN staff loans increase by 113% to N40 billion

Aug 15, 2023 | Business | 0 comments

As of December 2022, the Central Bank of Nigeria loaned employees N40.67bn.

The 2022 apex bank certified financial statement said this.

PUNCH reported a 133.07 percent rise from N17.43bn in 2021 to N40.67bn in 2022.

CBN did not disclose the number of staff loan recipients.

The bank’s website revealed its personnel strength.

The apex bank said, “From a bank-wide employee level of 10,000 personnel, excluding the approximately 2,000 casuals in the Headquarters and branches as at 1999, the bank runs with a drastically reduced staff strength of and (sic) 4,914 by December 2005, further down from 6,119 as at December 2004. Also, 79% of current workers are professionals.”

Despite 2022 employee allowances of N155.63bn, the debt remained significant.

The report included furniture, housing, leave, transport, productivity allowances, and “others provided to personnel over the time” as worker allowances.

CBN’s earnings of N65.63bn was N90bn lower than the number.

Staff allowances cost N113.35bn in 2021, 37.2 percent higher.

The PUNCH reported that the CBN spent N1.2tn on human expenditures in seven years and earned N520.04bn.

The apex bank’s audited financial records for 2016–2022 revealed a dramatic profit decrease and recovery.

Staff salaries increased by 119% during seven years.

The apex bank’s consolidated and separate statements of accounts showed a substantial drop in profit from N124.47bn and N107.39bn in 2016 and 2017 to N43.77bn in 2018.

It dropped to N34.63bn, N30.81bn, and N75.12bn in 2019–2021.

In 2016, the apex bank spent N121.23bn on employee emoluments, increasing to N135.95bn in 2017 and N137.36bn in 2018. In 2022, the bank’s earnings rose to N103.85bn.

Staff salaries, allowances, and benefits rose to N168.03bn, N183.60bn, and N200.04bn in 2019, 2020, and 2021 before reaching N265.87bn last year.

The latest result, signed by suspended governor Godwin Emefiele and certified by Ernst & Young and KPMG, indicated that credit loss cost for the banking regulator rose to N875.2bn in 2022 from N498.2bn in 2021.

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