The Financial Reporting Council of Nigeria (FRC), KPMG and Ernst & Young (EY) have failed to submit copies of the Central Bank of Nigeria’s (CBN) 2024 and 2025 audited financial statements to the House of Representatives Committee on Delegated Legislation, despite repeated requests.
However, President Bola Tinubu’s Special Investigator, Jim Obazee, has complied with the committee’s request, submitting an eight-page analysis detailing his concerns about the apex bank’s financial statements.
The committee had written to the CBN, FRC, Obazee, KPMG and EY, requesting relevant documents as part of its investigation into allegations of irregularities in the CBN’s audited accounts raised by the special investigator.
Sources disclosed that KPMG and EY failed to submit the requested documents despite receiving two letters from the committee. The final compliance deadline expired on October 6, 2026.
According to a source, the committee sent its first letters on September 22, requesting the audited financial statements by October 6. Both audit firms responded on September 29, claiming that the CBN had already submitted the documents to the Senate Committee on Banking, Insurance and Other Financial Institutions, which was also engaging with the House committee.
Dissatisfied with the explanation, the House committee issued a second letter on September 30, insisting that the firms respond to its request independently, given the separate responsibilities of the two chambers of the National Assembly.
The letter, signed by Temitope Grace Ajiboye on behalf of the committee chairman, reiterated the committee’s authority to investigate the CBN’s exercise of delegated powers and related financial irregularities under the relevant constitutional provisions and the House Standing Orders.
It also stressed that KPMG and EY, as audit firms engaged by the CBN, were expected to cooperate with the investigation by submitting the requested documents on or before October 6. Neither firm met the deadline.
The FRC also failed to respond to the committee’s initial letter dated September 22. Following the expiration of the October 6 deadline, the council was issued another letter granting it until October 15 to provide the requested information.
Meanwhile, the CBN requested additional time to respond to the committee’s demands for its 2024 and 2025 audited accounts.
In a letter dated October 5 and signed by Uzoamaka Onwuka on behalf of the bank’s legal adviser, the CBN cited the extensive nature of the inquiry and sought a two-week extension beyond the original October 6 deadline.
The committee, however, rejected the request for a two-week extension and granted the bank only an additional week to comply.
In a letter dated October 7, committee chairman Richard Olufemi Bamisile informed the CBN that the extension would expire on Tuesday, October 13, 2026.
Bamisile explained that the committee had a fixed timeline for completing its investigation and that a further extension would not serve the exercise’s interests.
“In light of the above, please note that the Committee’s investigation has a timeline within which it is expected to conclude its assignment. Consequently, your request for a further two-week extension
