The Central Bank of Nigeria (CBN) has revealed that it provided loans amounting to N40.67 billion to its staff members by the end of December 2022, as stated in its audited financial report for the same year.

This marks a significant increase of 133.07% compared to N17.43 billion in the previous year, 2021.

Although specific details regarding the number of beneficiaries were not disclosed, the CBN’s website does offer insight into its staff composition.

The bank’s staff strength was initially at 10,000 employees, excluding around 2,000 casual staff members in the headquarters and branches, as of 1999.

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By December 2005, this number had significantly reduced to 4,914 staff members, further declining from 6,119 by December 2004. Notably, a considerable 79% of the current staff are professionals.

Despite the high loan disbursement, the CBN allocated N155.63 billion for staff allowances in 2022, covering aspects such as furniture, housing, leave, transport, productivity, and other allowances.

Interestingly, this amount exceeded the recorded profit of N65.63 billion within the same period, showing a disparity of N90 billion.

Over a span of seven years from 2016 to 2022, the CBN’s financial records exhibited fluctuations in profit, with staff emoluments witnessing a consistent rise of 119% during this timeframe.

Notably, profit figures declined from N124.47 billion in 2016 to N43.77 billion in 2018, before gradually recovering to N103.85 billion in 2022. Simultaneously, personnel expenses progressively increased from N121.23 billion in 2016 to N265.87 billion in 2021.

The financial results, signed by the suspended governor of the CBN, Godwin Emefiele, and audited by Ernst & Young and KPMG, also highlighted a significant rise in credit loss expenses for the bank’s regulatory functions, increasing from N498.2 billion in 2021 to N875.2 billion in 2022.