The House of Representatives Committee on Delegated Legislation has raised concerns over alleged irregularities in the Central Bank of Nigeria's (CBN) 2024 and 2025 audited financial statements. In separate letters dated September 22, 2026, the committee requested financial documents and explanations from the CBN, Financial Reporting Council of Nigeria (FRC), and audit firms KPMG and Ernst & Young (EY). The committee's chairman, Hon. Olufemi Richard Bamisile, signed the letters.
The committee's move follows concerns raised by Jim Obazee, President Bola Tinubu's former Special Investigator, during the commissioning of the FRC headquarters in Lagos on September 1. Obazee reportedly called for the withdrawal and restatement of the CBN's 2025 audited accounts over alleged irregularities. The committee has requested the CBN to submit its summary consolidated and separate financial statements for 2024 and 2025, as well as the full audited versions of the statements for both years.
The committee has also asked KPMG and EY, the audit firms responsible for auditing the CBN's accounts, to provide copies of the full consolidated and separate financial statements for 2024 and 2025. In its letter to the FRC, the committee requested copies of the 2025 audited accounts reviewed by the Council, its own assessment of the accounts, approvals given to the CBN in respect of the financial statements, and its position on the concerns raised by Obazee.
The FRC's role as the supreme regulator in the country, as enshrined in the FRC Act 2011, empowers it to supervise the CBN and scrutinize the apex bank's accounts and those of others. The committee's request to the FRC includes providing copies of the audited accounts, the approvals given to the government banker on the audited accounts, and its views on the remarks by Obazee.
The committee's request became necessary following reports of alleged irregularities in the CBN's financial statements and claims attributed to Obazee that the National Assembly and the Presidency were misled by the documents. Bamisile noted that the concerns were particularly significant given the CBN's responsibilities as the government's banker, regulator of the banking industry, and a key institution in the formulation of Nigeria's macroeconomic policies.
Obazee's reported address revealed several alleged irregularities in the CBN's audited financials, touching on the integrity of the document, the bank, and its board, and casting doubt on whether these audited accounts can be relied upon for policy decisions. The committee has also written to Obazee, requesting the full eight-page analysis or speech in which he detailed his concerns about the CBN's 2025 summary consolidated and separate financial statements.
The committee's actions aim to ensure transparency and accountability in the CBN's financial dealings. The House of Representatives is taking steps to investigate the alleged irregularities and ensure that the CBN's financial statements are accurate and reliable. The committee's requests to the CBN, FRC, KPMG, EY, and Obazee are expected to shed more light on the matter and help to resolve the concerns raised.
Key points
- The House of Representatives Committee on Delegated Legislation has queried the CBN, FRC, KPMG, and EY over alleged irregularities in the CBN's 2024 and 2025 audited financial statements.
- The committee has requested financial documents and explanations from the institutions, including the CBN's summary consolidated and separate financial statements for 2024 and 2025.
- The move follows concerns raised by Jim Obazee, President Bola Tinubu's former Special Investigator, over alleged irregularities in the CBN's 2025 audited accounts.
