In its recently released audited financial statement for the year 2022, the Central Bank of Nigeria (CBN) announced that it extended loans amounting to N40.67 billion to its staff members. This marks a remarkable surge of 133.07 percent from the previous year’s N17.43 billion, as per Rate Captain’s analysis.
Despite this substantial increase in staff loans, the CBN’s audited financial report also revealed noteworthy details about its workforce and expenditure patterns. The report stated that the bank, which started with a workforce of 10,000 employees (excluding casual staff) in 1999, had scaled down its staff strength to 4,914 by December 2005, with 79 percent of its current staff being classified as professionals.
Surprisingly, the N40.67 billion staff loans granted by the CBN in 2022 surpassed its recorded profit of N65.63 billion for the same period. This amount also represented a 37.2 percent escalation compared to the N113.35 billion allocated to staff allowances in 2021.
Interestingly, Rate Captain’s analysis brought to light the CBN’s considerable expenditure on personnel-related costs over a span of seven years. According to the financial data presented, the bank spent a staggering N1.2 trillion on personnel expenses between 2016 and 2022. However, it still managed to maintain a net income of N520.04 billion during this period.
The audited financial records illuminated a fluctuating trajectory in the CBN’s profits from 2016 to 2022. The bank’s profits showed a declining pattern from N124.47 billion in 2016 and N107.39 billion in 2017, eventually hitting a low of N43.77 billion in 2018. However, the CBN’s fortunes turned around in 2022, with a notable surge in profit to N103.85 billion.
Despite these financial dynamics, the exact number of staff members who benefited from the N40.67 billion in loans was not disclosed by the CBN. Furthermore, the bank did not elaborate on the specifics of the loans.
Notably, the CBN’s financial records also highlighted the consistent upward trend in staff emoluments over the seven-year period. Starting from N121.23 billion in 2016, the expenditure on staff salary, allowances, and benefits rose successively to N135.95 billion in 2017, N137.36 billion in 2018, N168.03 billion in 2019, N183.60 billion in 2020, N200.04 billion in 2021, and finally settling at N265.87 billion in 2022.
This financial report underscores the intricate balance that the Central Bank of Nigeria maintains between its personnel costs, loan disbursements, and overall profitability. As the bank navigates the complexities of its financial landscape, these figures provide valuable insights into its strategies for growth and stability.