Report Which Led To Lamido Sanusi’s Suspension Released

Report stated that the Financial Reporting Council of Nigeria had raised issues with the accounts, that it needed some detailed explanation according to the International Financial Reporting Standards.

The Central Bank of Nigeria (CBN) published the 2013 annual report that led to suspension of Lamido Sanusi as Governor of the apex bank, Nigeria Daily News reported.

The Report is structured into two parts. Part 1 evaluates the corporate operations of the Bank, while Part II reviews the performance of the economy against the challenges posed by the global economic conditions, and policy measures taken to ensure macroeconomic stability and sustained economic growth.

The focus of the CBN policy measures in 2013 was to ensure optimum banking system liquidity that was consistent with a sustainable, non-inflationary growth.

It was on the basis of issues raised by the Council that the former CBN Governor was suspended. The CBN noted 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.

According to the CBN report, from the external reserves in 2013 the bank made a total earnings of $0.29 billion (N44.41 billion), with 7.1% increase over the 2012 level. The CBN said that in order to earn additional income from the external asset management programme, the organisation signed a Master Securities Lending Agreement with JP Morgan Chase to participate in its securities lending programme.