The House of Representatives has taken exception to the refusal of the Central Bank of Nigeria (CBN) to transmit to the National Assembly and the Presidency, a certified copy of its annual accounts certified by the auditor as stipulated by law.
According to the House, the document was expected to be transmitted to the National Assembly and the Presidency within two months after the close of each financial year as contained in the CBN Act, 2004.
The lawmakers however regretted that the apex bank has been breaching Section 50(1) of the CBN Act that 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”.
As a result, the House advised the bank to comply with the law and transmit its copy of annual account certified by auditor to the National Assembly and the Presidency.
This followed the adoption of a motion by Kingsley Chinda ( PDP, Rivers ), who said the CBN has not been complying with the provisions of the law, thereby rendering the law nugatory and of no effect.
He said: “There is a need for the CBN to comply with the Provisions of Section 50(1) of the CBN (Establishment) Act 2004 but the 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.
“It is also regrettable the apparent breach of the CBN Act which constitutes an illegality and should not be allowed to stand.
“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.”