The Nigerian House of Representatives Committee on Delegated Legislation has formally requested the Financial Reporting Council of Nigeria (FRC) to provide its review of the Central Bank of Nigeria's (CBN) 2025 audited accounts. The committee also seeks the FRC's position on concerns raised by President Bola Tinubu's special investigator, Jim Obazee. This request was made in a letter signed by the committee's Chairman, Olufemi Richard Bamisile. The FRC is expected to submit the full CBN 2025 audited accounts it reviewed, the council's own review of those accounts, and its official response to Obazee's concerns by October 6, 2025.
The FRC, as the apex regulator for financial reporting in Nigeria, is mandated to supervise and scrutinize the financial statements of both public and private sector organizations, including the CBN. Under the FRC Act 2011, the council has the power to regulate and oversee the financial reporting of organizations in Nigeria. The committee's request is based on the FRC's role as enshrined in sections 7(2a), 8(1a, b, d, e, f, g, h, and n), and 59 of the FRC Act 2011.
The committee's request is driven by concerns over ongoing controversies and widespread media reports regarding the CBN's 2024 and 2025 audited financials. Obazee claimed that both the National Assembly and President Tinubu were misled by the apex bank's documentation. The alleged irregularities, which the FRC is expected to have reviewed, raise doubts about the Council's competence as a regulator. The committee is seeking clarification on the issues highlighted by Obazee.
Obazee's concerns, as reported, revealed several alleged irregularities in the CBN's audited financials, touching on the integrity of the document, the bank, and its board. These concerns cast doubt on whether the audited accounts can be relied upon for policy decisions. The committee believes that if Obazee's concerns are accurate, they call into question the FRC's role as the nation's financial statement regulator and could undermine the credibility of financial statements across both public and private sectors.
The committee's Chairman, Bamisile, emphasized that given Obazee's reputation in the financial services sector and the accounting profession, his governance concerns must be thoroughly examined. The CBN is the government's banker, the supervisor of the country's banking industry, and the formulator of Nigeria's macroeconomic policies. The committee is concerned that neither the bank's board nor the FRC has issued any rebuttal or public statement addressing Obazee's concerns since September 1.
The request for the FRC's review and response is also driven by the need to restore public confidence in the financial reporting of the CBN and other organizations in Nigeria. The committee believes that the FRC's response will help to clarify the issues and provide assurance that the financial statements of organizations in Nigeria are reliable and accurate.
The FRC's response to the committee's request is expected to provide clarity on the issues highlighted by Obazee and the committee's concerns. The deadline for the FRC's compliance is October 6, 2025. The committee's request is a significant step towards ensuring transparency and accountability in the financial reporting of organizations in Nigeria.
Key points
- The Nigerian House of Representatives Committee on Delegated Legislation has requested the Financial Reporting Council's review of the Central Bank of Nigeria's 2025 audited accounts.
- The committee's request is driven by concerns over alleged irregularities in the CBN's audited financials raised by President Tinubu's special investigator, Jim Obazee.
- The FRC's response is expected to provide clarity on the issues highlighted by Obazee and the committee's concerns.
