The House of Representatives Committee on Delegated Legislation has started scrutinizing the Central Bank of Nigeria's (CBN) delegated legislative powers, focusing on alleged financial irregularities. This move follows a motion titled 'Investigation into the exercise of Delegated Legislative powers by CBN and related financial Irregularities,' sponsored by Hon. Baraje Yusuf Kure. The CBN is empowered to make regulations, rules, guidelines, and circulars, but the committee aims to ensure these actions are within constitutional limits.
Hon. Kure noted that the CBN's delegated legislative powers must be exercised within the limits prescribed by the 1999 Constitution and relevant enabling Acts of the National Assembly. The committee will investigate whether financial obligations arising from CBN subsidiary legislation have proper statutory and regulatory backing. This inquiry is in response to allegations surrounding certain financial transactions, expenditures, and regulatory actions of the CBN.
The Deputy Chairman of the Committee, Hon. Dominic Okafor, highlighted concerns over the CBN's non-transparent and questionable audited accounts for 2024 and 2025. These concerns were detailed by President Bola Tinubu's special investigator, Mr. Jim Obazee. Okafor stressed the need for legislative intervention, citing implications for the economy, banking sector, and Nigeria's international reputation.
The allegations of irregularities in the CBN's audited accounts have raised questions about oversight and accountability. The Financial Reporting Council (FRC) and the CBN have been silent on the matter, sparking concerns about the integrity of the apex bank's financial reporting. Questionable financial reporting could undermine confidence in government fiscal data and affect monetary policy.
The committee will investigate the exercise of delegated legislative powers by the CBN, including regulations, rules, guidelines, and circulars made pursuant to its enabling legislation. They will examine the legal and statutory basis of these instruments and determine whether they were made and implemented within the powers conferred on the CBN.
The Chairman of the Committee, Hon. Richard Olufemi Bamisile, directed the CBN to submit its summary consolidated financial statements for 2024 and 2025, alongside relevant Financial Reporting Council documents and approvals. KPMG, the auditing firm, was also asked to submit copies of the CBN's audited accounts for the years under review.
The committee has set a deadline of October 6, 2026, for all stakeholders to submit relevant documents. The investigation aims to ensure that the CBN's delegated legislative powers are exercised lawfully and that financial irregularities are addressed. The outcome could have significant implications for Nigeria's economy, banking sector, and international reputation.
Key points
- The Nigerian House of Representatives Committee on Delegated Legislation has launched an investigation into the Central Bank of Nigeria's exercise of delegated legislative powers.
- The probe focuses on alleged financial irregularities arising from CBN regulations, guidelines, and circulars.
- The committee will scrutinize the CBN's audited accounts for 2024 and 2025, amid concerns over transparency and accountability.
