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CBN releases Consolidated Financial Statements for last seven years
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The Central Bank of Nigeria has released the Consolidated Financial Statements for the last seven years, making it the first time since 2015 that the apex bank will be making its book available for public scrutiny.
The Consolidated Financial Statements, which were released by the CBN, are for 2016, 2017, 2018, 2019, 2020, 2021 and 2022 financial periods.
The CBN declared a profit after tax of N103.8bn in 2022, up from N75.13bn reported a year earlier.
Also, the CBN owes JP Morgan and Goldman Sachs a combined sum of $7.5bn as of the financial year ended December 2022.
Included as part of its liabilities is another $6.3bn owned in foreign currency forwards.
The apex bank, however, stated it owes Goldman Sachs $500 million and JP Morgan $7 billion in what it classified as securities lending.
The 2022 financial statement read, “The Group entered into a securities lending agreement with Goldman Sachs and J. P. Morgan and as part of the agreement, the Group pledged its holdings on foreign securities in return for cash. The cash received from Goldman Sachs is N0.23tn ($500m), 2021: N0.22tn ($500m), and JP Morgan N3.23tn ($7bn), 2021: N3.05tn ($7bn) is recognised in other foreign securities.”
Securities lending forms part of the CBN’s total external reserves of about N14.3tn or $29bn using the official exchange rate of N494/$1 as of 2022.
However, the apex bank also owes another N3.15tn ($6.3bn) in foreign currency forward which are forex obligations it needs to make to foreign investors.
The financial statements uploaded on the CBN website are an indication that the apex bank, under the leadership of acting Governor Folashodun Shonubi, is ready to open its book to public scrutiny.
The suspended CBN Governor, Mr Godwin Emefiele, had come under attack for not releasing the financial statements to the public.
The action of Emefiele is in gross violation of the CBN Act.
Headlines
Saudi Arabia to host summit on rebuilding Gaza
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Saudi Arabia to host a high-level summit that brings together leaders from across the Arab world, as discussions intensify over the reconstruction of the Gaza Strip.
Leaders from Egypt, Jordan and the Gulf States are expected in Riyadh on Friday, Arab diplomatic circles said.
The summit would focus on Egypt’s proposal to rebuild the devastated territory under the “complete supervision” of Arab countries.
Tensions have risen after a controversial suggestion from former U.S. President Donald Trump to permanently relocate Gaza’s two million residents to neighbouring Arab states.
The proposal has been firmly rejected by Egypt, Jordan and other regional powers, who view it as a violation of Palestinian sovereignty.
In response, Egypt is advancing its own reconstruction plan to prevent the U.S. and Israel from pushing forward with Trump’s relocation agenda.
Recent UN estimates suggest that rebuilding Gaza could cost around 53 billion U.S. dollars, with 20 billion U.S. dollars required in the first three years alone.
Headlines
Kogi Govt pledges safe business environment to investors
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The Kogi Government on Monday in Lokoja, restated its commitment towards providing the right and safe environment for businesses to thrive in the state.
The State’s Commissioner for Information and Communications, Mr Kingsley Fanwo, said this during the Convergence Africa Transgenerational Connections’s team impact tour to Kogi.
He said that the Gov. Ahmed Ododo led administration was working very hard on the security of the state to ensure that businesses thrive in a safer environment.
Fanwo said the team was building alliances on a sustainable business future in Kogi.
He noted that business remodeling in fashion, food, and fitness would help promote intra-regional trade and harmonise investment policies for the state and Africa.
“This event is very impactful. It is a programme that will help a lot of business owners in the state, and take them to the next level in their businesses.
“We encourage the people to leverage networking and collaboration with other business owners, so as to grow their businesses,” he said.
The commissioner said that Kogi government’s 32-year Development Plan was deliberate, as the maximum any administration could spend is eight years.
“Our development plan is designed for 32 years; it is a very ambitious plan that will ultimately take the state to an enviable height.
“We are very religious about implementing the plan. At the end of the day, Kogi will be where we want it to be in terms of development,” Fanwo said.
Earlier, Convener of Convergence of Africa, Patient Olusiyi, said the project, aimed at training 150 participants, was imperative for a sustainable business future.
She said Kogi was first among the 10 states to be visited in the country by the Convergence of Africa team.
“We will train participants in the fashion, food and fitness businesses. The aim is to improve on their skills as well as set a pace for generations yet unborn to achieve excellence without being dependent.
“We want a situation where businesses can outlive their owners,” Olusiyi said.
Headlines
Pope Francis spends 3rd night in hospital without complications
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Pope Francis spent his third night in hospital without complications, a Vatican spokesman said on Monday.
He added that the 88-year-old had “a restful night,” breakfasted and read the morning newspapers.
The head of the world’s 1.4 billion Catholics has been hospitalised in a Rome hospital since Friday and is, according to the Vatican, suffering from bronchitis.
Concerns about the pope’s health had grown over the past week, as his voice repeatedly faltered during public appearances and he rarely left his Vatican residence.
Doctors had been recommending that he go to hospital for treatment for some time, according to media reports.
Part of the native Argentinian’s right lung has been missing since his youth, and he has frequently complained of respiratory problems.
Doctors have ordered “absolute rest,” the Vatican said.
It initially said that Francis would spend five days in hospital, but there is now speculation that it could be longer.
As a result, Francis had to cancel all his planned appointments over the weekend and at the start of the week.
Earlier, a news bulletin on the pope’s health, issued by the Vatican, said his condition was “stable.”
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