fbpx
Connect with us

Business

CBN Staff Loans Rises By 113%, Hit N40bn

CBN did not provide details on the number of staff members who were beneficiaries of the loan.

Published

on

cbn office logo
Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has said that it issued N40.67bn loans to members of its staff as of December 2022.

VerseNews reports that this was according to the apex bank’s audited financial statement for 2022.

According to the statement, there was an increase of 133.07 per cent from N17.43bn in 2021 to N40.67bn in 2022.

CBN did not provide details on the number of staff members who were beneficiaries of the loan.

Advertisement

However, information on its website provided insight into the bank’s current staff strength.

The apex bank said, “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 high debt was recorded despite the N155.63bn provided as staff allowances in 2022.

It was also 37.2 per cent more than the N113.35bn spent on staff allowances in 2021.

Advertisement

This Online News Media further observed that the CBN spent a total of N1.2tn on personnel costs in seven years and recorded a net income of N520.04bn.

The highlights of the apex bank’s audited financial accounts for seven years from 2016 to 2022 released showed a sharp decline and recovery in its profit between 2016 and 2022.

This was as staff emoluments steadily rose by 119 per cent over the seven-year period.

According to the consolidated and separate statements of accounts of the apex bank that was just released, profit had declined sharply from N124.47bn and N107.39bn in 2016 and 2017 to N43.77bn in 2018.

Advertisement

It further declined to N34.63bn, N30.81bn in 2019 and 2020 before rising to N75.12bn in 2021.

At the end of the 2022 financial year, profit for the year of the apex bank jumped to N103.85bn, just as during the seven-year period, staff emoluments had consistently been on the rise, with N121.23bn spent on personnel expenses in 2016, rising to N135.95bn in 2017 and N137.36bn in 2018.

The amount spent on staff salary, allowances and benefits continued to rise to N168.03bn, N183.60bn and N200.04bn in 2019, 2020 and 2021 before settling at N265.87bn last year.

The latest result, which was signed by the suspended governor of the bank, Godwin Emefiele, and audited by Ernst & Young and KPMG, showed that credit loss expense for the banking regulator increased to N875.2bn in 2022 from N498.2bn in 2021.

Advertisement

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

'My Wife's Ring Can Buy 2 Or 3 Rolls Royce' - Davido Brags As Chioma Flaunts $1 Million Diamond Ring (Video) 'My Wife's Ring Can Buy 2 Or 3 Rolls Royce' - Davido Brags As Chioma Flaunts $1 Million Diamond Ring (Video)
Entertainment5 months ago

‘My Wife’s Ring Can Buy 2 Or 3 Rolls Royce’ – Davido Brags As Chioma Flaunts $1 Million Diamond Ring (Video)

Nigerian Afrobeat star Davido and his fiancée Chioma Rowland, who are set to wed on June 25th, made headlines as...

Labour Party Leadership Crisis Resolved As Abure and Apapa Factions Unite Labour Party Leadership Crisis Resolved As Abure and Apapa Factions Unite
Politics5 months ago

BREAKING: Labour Party Leadership Crisis Resolved As Abure and Apapa Factions Unite

The Labour Party's leadership crisis has ended as factions led by Julius Abure and Lamidi Apapa reconciled to present a...

EXCLUSIVE: Nigerians To Start Using Three-In-One National Identity Card Soon EXCLUSIVE: Nigerians To Start Using Three-In-One National Identity Card Soon
News5 months ago

EXCLUSIVE: Nigerians To Start Using Three-In-One National Identity Card Soon

NIMC is set to launch a versatile three-in-one identity card for Nigerians, featuring payment capabilities and social service functionalities, following...

HND Holders From Polytechnics Must Undergo One-Year Mandatory Training - FG HND Holders From Polytechnics Must Undergo One-Year Mandatory Training - FG
Education5 months ago

HND Holders From Polytechnics Must Undergo One-Year Mandatory Training – FG

Dr. Folasade Yemi-Esan, Head of the Civil Service, has mandated HND holders to undergo a one-year training before promotion to...

EFCC Arrests Two Ex-Union Bank Employees For Stealing N4.2m From A Dead Customer's Account EFCC Arrests Two Ex-Union Bank Employees For Stealing N4.2m From A Dead Customer's Account
News5 months ago

EFCC Arrests Two Ex-Union Bank Employees For Stealing N4.2m From A Dead Customer’s Account

The EFCC arrested two former Union Bank employees in Makurdi for embezzling N4.2 million from a deceased customer's account.

Christ Embassy Church Headquarters in Lagos On Fire Christ Embassy Church Headquarters in Lagos On Fire
News5 months ago

BREAKING: Christ Embassy Church Headquarters in Lagos On Fire (Video)

The Christ Embassy Church headquarters in Ikeja, Lagos caught fire on Sunday morning.

BREAKING: Finidi George Resigns As Super Eagles Head Coach BREAKING: Finidi George Resigns As Super Eagles Head Coach
Sports6 months ago

BREAKING: Finidi George Resigns As Super Eagles Head Coach

Finidi George resigns as the head coach of the Super Eagles, following the NFF's plan to hire a foreign technical...

Tension As President Tinubu Falls, Hits Head On Parade Vehicle During Democracy Day Tension As President Tinubu Falls, Hits Head On Parade Vehicle During Democracy Day
News6 months ago

Tension As President Tinubu Falls, Hits Head On Parade Vehicle During Democracy Day (Video)

Nigerian President Bola Tinubu stumbled and fell during the June 12 Democracy Day parade, sparking renewed concerns about his health.

Democracy Day: FG Announces Date for Public Holiday Democracy Day: FG Announces Date for Public Holiday
News6 months ago

Democracy Day: FG Announces Date for Public Holiday

The Federal Government has announced June 12 as a public holiday to celebrate Democracy Day.

5 Best Video Interview Software You Should Be Using 5 Best Video Interview Software You Should Be Using
Career News6 months ago

5 Best Video Interview Software You Should Be Using

Zoom, HireVue, and Spark are some of the best video interview software. These tools enhance efficiency, improve candidate experience, and...

Advertisement