The Central Bank of Nigeria, CBN has released the controversial 2013 annual report that led to suspension of Sanusi Lamido Sanusi as Governor of the apex bank. 

The Central Bank of Nigeria (CBN) weekend released the 2013 annual report that led to suspension of former governor, Sanusi Lamido Sanusi. The Financial Reporting Council of Nigeria had raised issues with the accounts, saying it needed some detailed explanation as required in the International Financial Reporting Standards.

It was on the basis of issues raised by the Council that the former CBN Governor was suspended. However, the CBN said that it has 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 CBN annual report said the bank made a total earnings of $0.29 billion (N44.41 billion), from the external reserves in 2013 representing an increase of 7.1 per cent over the level in 2012. According to the CBN, in order to earn additional income from the external asset management programme, the CBN signed a Master Securities Lending Agreement with JP Morgan Chase to participate in its securities lending programme.

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SOURCE: #Vanguard