Reps chide CBN over failure to submit annual audit report to NASS

THE House of Representatives on Wednesday urged the Central Bank of Nigeria to comply with the provisions of Section 50(1) of the CBN Act and ensure that it transmits to the National Assembly a copy of its annual Accounts certified by the Auditor.

The House then mandated the Committees on Banking and Currency and Legislative compliance to ensure compliance.

The House resolution followed a motion sponsored by Honourable Kingsley Chinda on the need for the Central Bank of Nigeria to comply with the Provisions of Section 50(1) of the Central Bank of Nigeria (Establishment) Act.

Section 50(1) of the CBN Act provides that “the Bank shall, within two months after the close of each financial year, transmit to the National Assembly and the President a copy of its annual accounts certified by the Auditor.”

He, however, said that CBN had not been complying with the above provisions, thereby rendering the law nugatory and of no effect.

He equally said that “with concern the need for the Central Bank of Nigeria (CBN) to comply with the Provisions of Section 50(1) of the Central Bank of Nigeria (Establishment) Act, Cap. C4, Laws of the Federation of Nigeria, 2004.

“Concerned that non-compliance by the CBN with the above provisions has greatly undermined the image, reputation and effectiveness of the Bank and as well undermine the oversight function of the National Assembly.

“Regrets the apparent breach of the CBN Act which constitutes an illegality and should not be allowed to stand.

“Also concerned that unless this illegality or anomaly by the CBN is immediately and urgently addressed, the whole essence of the said section of the Act would be defeated and rendered useless and nugatory,” he stated.

The motion scaled through when the Speaker, Honourable Yakubu Dogara put it to a voice vote.