By Chukwudi Obasi
The House of Representatives has widened scrutiny of the Central Bank of Nigeria’s financial statements following allegations of irregularities raised by Special Investigator Jim Obazee.
The House Committee on Delegated Legislation has requested key financial and audit records from the CBN, the Financial Reporting Council of Nigeria, KPMG and Obazee.
The committee also invited Obazee to appear before it and explain the concerns contained in his analysis of the apex bank’s financial statements.
The development followed Obazee’s recent criticism of the CBN’s 2024 and 2025 audited financials, which he said contained several alleged irregularities.
Committee Chairman, Olufemi Richard Bamisile, said the concerns were too significant to be ignored, given the CBN’s role in the Nigerian economy.
The committee’s action seeks to establish the circumstances surrounding the preparation, review and approval of the disputed financial statements.
It is also examining the role of the relevant regulatory and audit institutions in reviewing and signing off the accounts.
In a letter to Obazee, Bamisile requested the full eight-page analysis or speech in which the Special Investigator raised his concerns.
The committee also informed Obazee that he would be invited to appear before lawmakers and defend his findings concerning the alleged irregularities.
Bamisile said Obazee’s reported position suggested that the CBN’s financial reporting required closer legislative examination.
“In view of the gravity of these concerns, we respectfully request the full eight-page analysis and/or speech delivered at the event.”
He added that Obazee would be expected to explain his findings and provide the basis for the allegations contained in his analysis.
The committee also wrote to the CBN, requesting its summary and full consolidated and separate financial statements for 2024 and 2025.
The lawmakers requested relevant documents associated with the preparation, approval and presentation of the financial statements.
Bamisile stressed the importance of the accounts to government policy, investment decisions and the wider economy.
“The audited financial statements are key documents relied upon by the federal government for policy and investment decisions, and by foreign investors as a mirror of the Nigerian economy.”
The committee also sought records from KPMG and Ernst & Young, the audit firms associated with the CBN’s financial statements.
The firms were asked to submit copies of the full consolidated and separate financial statements for 2024 and 2025.
The committee said concerns raised about the accounts could have implications beyond the CBN.
It noted that unresolved questions surrounding financial reporting could affect confidence in the apex bank, its board and the audit profession.
The lawmakers also requested the FRC’s review of the CBN accounts and its response to the concerns raised by Obazee.
The FRC, as the financial reporting regulator, is expected to explain its role in reviewing the disputed statements.
Bamisile said the committee was concerned that the CBN, FRC and auditors had not publicly addressed the allegations raised by Obazee.
“We have not seen any public response or rebuttal from the CBN management regarding the issues raised in Mr Obazee’s analysis.”
He said the absence of a detailed response made a comprehensive examination of the documents necessary.
The committee’s inquiry, however, does not establish that the CBN or the audit firms committed wrongdoing.
Rather, lawmakers are seeking the relevant records and explanations to determine whether the allegations raised by Obazee have substance.
*Committee sets October 6 deadline for requested submissions
The committee has given the affected institutions until October 6 to provide the requested documents and information.
The deadline covers the financial statements, audit records, regulatory reviews and other materials sought by the lawmakers.
The committee said the documents would assist it in assessing the concerns surrounding the CBN’s financial reporting.
Bamisile described the CBN as a critical institution whose financial statements carry significant implications for public policy and investor confidence.
“The CBN is the government’s banker, the supervisor of the country’s banking industry, and the formulator of Nigeria’s macroeconomic policies.”
He said allegations concerning the integrity of the apex bank’s financial statements therefore required thorough examination.
