Central Bank of Nigeria publishes 2024 summary financial statements reporting NGN 638,837 million group profit and NGN 165,694 million bank profit

The Central Bank of Nigeria published its summary consolidated and separate financial statements for the year ended 31 December 2024, together with an independent joint auditors’ report concluding the summaries are consistent, in all material respects, with the audited financial statements. Profit for the year was NGN 638,837 million for the Group and NGN 165,694 million for the Bank, compared with losses of NGN 81,155,501 million and NGN 1,268,503 million in 2023. In line with the Fiscal Responsibility Act 2011, 20% of the Bank’s profit will be credited to retained earnings and the balance paid to the Federal Government of Nigeria. The Board reported that internal control over financial reporting was assessed and certified by the joint auditors as effective for the reporting period, while the auditors also noted their unmodified opinion on the audited financial statements included an emphasis of matter on non-compliance with Section 38 of the Central Bank of Nigeria Act and that the audited and summary statements do not reflect events after 16 April 2025.