Business
Economist Urges CBN to Release 2023 Financial Statement
Economist Kelvin Emmanuel has urged the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, to promptly release its financial statement for the year 2023. Emmanuel made this request through his official X handle on Wednesday.
He highlighted that this call aligns with the CBN Act of 2007, which mandates that the apex bank must submit its annual accounts, certified by an auditor, to both the National Assembly and the President.
Emmanuel emphasized the importance of making these accounts public to assess the improvements in the CBN’s balance sheet. This includes scrutinizing the differences between the gross and net external reserves, as well as the impact of FX swaps and forwards involving external asset managers.
Furthermore, Emmanuel pointed out that it is crucial for Nigerians to have transparency regarding the details of loans related to foreign exchange (FX) currency positions held by banks on behalf of their customers.
Additionally, there should be clarity on the FX non-deliverable forwards that banks have with the CBN for their customers.
He referenced Sections 50(1) and 50(3) of the CBN Act, which stipulate that the bank must submit its annual accounts to the National Assembly and the President within two months after the end of each financial year, and ensure these accounts are published in the Gazette as soon as possible.
It is worth noting that in August 2023, the CBN had released its financial statements for the period 2016-2022, following a probe led by Jim Obazee into the activities of the bank under the former governor, Godwin Emefiele.
This scrutiny had led the Auditor General of the Federation to request an explanation for a missing $4.5 billion in Nigeria’s foreign reserves between 2018 and 2019.
It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.
It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.
Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has shed light on why Nigerians are still paying high prices for petrol, even though global crude oil prices have dropped sharply.
According to CORAN, the main reasons behind the high cost of Premium Motor Spirit (PMS) include the recent halt of the Naira-for-crude arrangement, the activities of profit-driven middlemen, and the rising exchange rate of the dollar.
Speaking on the matter, CORAN’s spokesperson, Eche Idoko, pointed out that these factors have made it difficult for Nigerians to enjoy any real relief at the pump. Crude oil prices recently dropped to around $64 per barrel for Brent and roughly $59.7 for WTI. This decline followed a new round of tariffs and a surprise production cut announcement by OPEC+.
Despite the global price drop, local fuel prices in Nigeria continue to rise. Idoko explained that middlemen are playing a big role in keeping prices up and preventing local refining from thriving. He also mentioned that the cost of importing refined products, logistics, and foreign exchange challenges all add up to push petrol prices even higher.
At the moment, petrol prices in Nigeria range from N900 to N975 per litre depending on the area. This increase came shortly after several major players in the industry, including partners of the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL), raised their pump prices.
MRS filling stations, a partner of Dangote Refinery, have raised petrol prices to N930 per litre in Lagos and N950 per litre in Abuja.
On Saturday, the MRS station along Kubwa Expressway in Abuja was already selling at the new rate, marking an increase of N70 to N80 per litre from the previous prices of N860 and N880.
A motorist in Abuja reacted to the price hike, saying it was expected after Dangote Refinery announced that it had stopped selling petrol in Naira.
The refinery had revealed on March 19 that it would no longer conduct petrol sales in local currency, a move that has now led to adjustments in pump prices across several stations.
Other filling stations in Abuja have also increased their rates. Empire Filling Station in Gwarimpa, for instance, raised its price to N975 per litre from N945.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) maintained its pump price at N880 per litre in Abuja as of Saturday evening.
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