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CBN 2024 financial performance an indicator Cardoso’s twerking yielding results

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By Dr. Ibrahim Modibbo

The Central Bank of Nigeria (CBN) under the able leadership of Governor Yemi Cardoso has released the apex bank’s 2024 financial statements. The results reflect the bank’s commitment to economic stability, sound policy implementation, and strategic financial management. The financial performance further highlights improvements in external reserves, asset quality, cost efficiency and overall bottom-line improvement.

An indicator of Cardoso’s policy direction being on the right track is manifested by the CBN posting in its latest financial statement showing the country’s external reserves growing from $36.6billion in 2023 to $38.8billion in 2024.

This is phenomenal achievement is largely attributable to the apex bank’s improvement in accretion to external reserves from portfolio investors, diaspora remittances and the federal government receipts following improved confidence in the Nigerian economy, facilitated by better coordination with the Nigerian National Petroleum Company (NNPC) and diaspora engagement strategies.

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Another contributory factor is the proper investment management decisions taking by the CBN governor, aimed at boosting the reserves of the bank. This glowing performance reflects the CBN’s firm commitment to external sector stability, ensuring Nigeria is better positioned to meet its international obligations, stabilize the naira, and boost macroeconomic confidence.

Remarkably, the CBN fianancial statement also showed that the bank’s bottom-line improved from a deficit position of ₦1.3trillion in 2023 to a surplus of ₦165billon in 2024. This turnaround is attributable to a direct consequence of apex bank’s effective containment of expenditure, gains on investments made by the bank and increased income from foreign exchange transactions under the Cardoso regime.

The financial statement further showed a notable reduction in loans and receivables from ₦16.1trillion to ₦11.9trillion, due primarily to significant recoveries from earlier intervention lending programmes; a deliberate policy shift away from previous intervention lending and monetary financing through ways and means in line with the bank’s new stance on allowing market mechanisms to drive credit allocation and financial sector development.

To reflect Cardoso’s enthroning of a cost-conscious culture at the CBN, the apex bank adopted a strategy of optimizing and streamlining it’s operating expenses in 2024, through strategic cost rationalization initiatives, including reduction in non-essential spending and streamlined operations across regional branches and departments.

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Furthermore, in line with the Financial Reporting Council (FRC) regulatory requirement on ICFR, it is worthy to note that the Central Bank was able to carry out an assessment of its internal controls which was further certified effective by the joint external audit team. This approach resulted in enhanced transparency and accountability in financial reporting, strengthening institutional governance and internal risk controls, and aligning with international best practices in central bank operations

As a testament to the effectiveness of this initiative, the joint external auditors issued an independent assurance report declaring the CBN’s ICFR framework to be “effective” for the 2024 reporting period. However, it wasn’t all cheering news all the way because while the Central Bank of Nigeria’s 2024 financial results reflect operational improvements, some expenditure lines posed challenges.

One of the notable upticks in the apex bank’s expenses in 2024 was related to liquidity management operations. These costs rose to ₦4.5trillion from ₦1.5trillion in 2023. This increase can be traceable to the tightening monetary policy stance adopted by the CBN governor to combat inflationary pressures throughout the year.

In pursuit of that objective, the CBN conducted more frequent and higher-value Open Market Operations (OMO) to mop up excess liquidity arising from fiscal injections at a significant cost. This is a huge responsibility CBN is carrying out on behalf of the federation, whereas in some jurisdictions, this cost is borne by the government.

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The financial statements also reflect an increase in the loss on settled derivative contracts during the year from ₦6.3trillion in 2023 to ₦13.9trillion in 2024. This development is a direct consequence of the high volume of derivative contracts settled by the apex bank in 2024. These are legacy transactions which the Cardoso management met on resumption of office.

This proactive settlement effort was undertaken as part of management’s broader strategy to reduce outstanding foreign exchange liabilities, thus lowering its FX exposure, boost net foreign reserves, thereby improving Nigeria’s external buffer and investor confidence, restoring credibility to Nigeria’s forward markets and address legacy obligations transparently.

It can be said that the improved performance of the Central Bank of Nigeria in 2024 is not coincidental but a product of deliberate, and strategic management efforts undertaken by Governor Cardoso. The bank’s leadership has reinforced governance and accountability, instilling operational discipline in the running of the CBN. It has also pursued a balanced monetary policy stance, ensuring price and financial system stability.

These reforms enunciated by Governor Cardoso since his appointment by President Bola Tinubu have collectively repositioned the CBN as a credible monetary authority, with its 2024 financial results serving as proof of its unwavering resolve to support the economic recovery programme of the current administration, safeguard financial stability, and build public trust.

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Dr. Ibrahim Modibbo is a public affairs analyst and writes from Abuja.

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Over 100 PDP Members Join APC in Abia as Obingwa Honours Deputy Speaker

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By Gloria Ikibah

The political landscape in Abia State shifted on Sunday as more than one hundred members of the People’s Democratic Party (PDP) officially defected to the All Progressives Congress (APC) during the inauguration of the Renewed Hope Partners (RHP) in Obingwa Local Government Area.

The event, which drew a massive crowd of supporters and party faithful, was attended by the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, who welcomed the new members and commended their decision to align with the APC and support President Bola Tinubu’s Renewed Hope Agenda.

Leading the group of defectors, Barr. Ibe Nwadioha, a former PDP State Secretary, declared that their move signalled the decline of other political parties in Obingwa, pledging total loyalty to the APC and its leadership.

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In appreciation of Kalu’s developmental strides and his role in promoting unity across Abia, the Obingwa community also honoured the Deputy Speaker during the ceremony, describing him as a bridge-builder and a key advocate for progress in the South East.

He said: “My entry into APC has marked the collapse of every other political party in Obingwa Local Government. It’s a landmark entry and it means that the wind of change which you have brought is sweeping across Obingwa and it’s coming like a hurricane. We will support Mr. President.”

Meanwhile, Obingwa APC stakeholders which included a former federal commissioner who represented the South East at the National Pension Commission (PENCOM), Dr Nyerere Chinenye Ayim honoured the Deputy Speaker with a traditional attire and a matchete, symbolizing strength and courage.

The gesture which highlighted the warm reception of the Deputy Speaker by the people of Obingwa further underscored the significance of Kalu’s visit and the impact of the Renewed Hope Partners in the local government area. 

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Reps Push for Digital Governance Revolution with New E-Governance Bill

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By Gloria Ikibah

The House of Representatives has taken decisive steps towards ending analogue governance with the introduction of the National Digital Economy and E-Governance Bill 2025, aimed at transforming public administration through technology-driven systems and innovation.

Speaking at a joint public hearing of the Senate and House Committees on ICT and Cybersecurity, Speaker Rt. Hon. Abbas Tajudeen highlighted that the proposed law would mark a major shift in how government functions and how citizens interact with public institutions.

The initiative seeks to build a smarter, transparent, and accountable Nigeria, powered by digital tools and efficient service delivery frameworks. The legislation is designed to lay the foundation for a fully integrated e-governance system, ensuring seamless communication, real-time data management, and improved access to public services across all sectors.

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The bill also aligns with the National Digital Economy Policy and Strategy, reinforcing Nigeria’s ambition to become a leading digital hub in Africa while promoting inclusivity, innovation, and efficiency in governance.

overnment operates and how citizens access services.

According to Abbas, “it is a vision for a new way of governance  one that is efficient, transparent, and centered on citizens”.

He restated that Nigeria’s transition to a fully digital governance system is no longer optional but a national imperative essential for economic growth, accountability, and national security.

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The proposed National Digital Economy and E-Governance Bill is designed to provide a comprehensive legal structure for data protection, cybersecurity, and inclusive digital access, ensuring that every Nigerian—urban or rural—is part of the nation’s technological future.

Chairman House Committee on Digital, ICT and Cybersecurity, Rep. Stanley Olajide, said the public hearing underscored Nigeria’s shared commitment to building a transparent and efficient digital administration.

He praised the wealth of expert contributions from stakeholders, describing them as vital to shaping an effective and realistic digital policy framework.

Olajide, who co-chaired the session with Senator Shuaib Afolabi Salisu, expressed gratitude to Senate President Godswill Akpabio and Speaker Tajudeen Abbas for their vision and leadership in championing the country’s digital transformation.

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He also commended the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, along with heads of NITDA, NIMC, NCC, and Galaxy Backbone, for their technical guidance in aligning the bill with international standards while addressing Nigeria’s specific needs.

In his remarks, Dr Tijani assured that President Bola Tinubu was committed to signing the bill into law once passed, describing it as a milestone that will position Nigeria as a continental leader in digital governance.

Senator Salisu noted that once enacted, the legislation would make Nigeria the first African country with a comprehensive law dedicated to the digital economy and e-governance, setting the pace for a more connected, transparent, and efficient public sector.

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Five kidnapped as bandits invade village in Kano

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By Prosper Olayiwola

Fear has gripped residents of Yan Kwada village in the Faruruwa community of Shanono Local Government Area, Kano State, after bandits launched a fresh attack on Sunday evening, abducting five women, including nursing mothers.

According to local sources, the heavily armed assailants stormed the village in large numbers, firing gunshots into the air to scare residents before breaking into homes and seizing their victims.

“They came as usual, shooting sporadically and breaking into houses,” said a resident who spoke on condition of anonymity for fear of reprisal. “They abducted five women, including nursing mothers. We couldn’t do anything because they were many and heavily armed.”

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The source further revealed that two of the abducted women later regained their freedom under unclear circumstances, while three others remain in captivity.

Two of the women have returned, but three are still with the bandits. We don’t know their condition or where they were taken,” the resident added.

The latest attack comes barely a week after a joint military operation reportedly engaged bandits in a fierce gun battle in the same area, killing 19 of them. Despite that operation, locals say the threat of further attacks remains high.

“People here live in constant fear. Many villages have been deserted because of these attacks,” another villager lamented. “Some of us have relocated to Faruruwa town or even to the cities just to stay alive.”
Residents are now calling on security agencies and the Kano State Government to intensify patrols and sustain military presence in the border communities between Kano and Katsina States, where bandit incursions have become frequent.

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As of press time, police authorities in Kano had yet to issue an official statement regarding the latest incident.

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