Implications Of Delayed Audit Report, By Stakeholders – The Guardian

The Central Bank of Nigeria (CBN) has been urged to effect an immediate disclosure of report of banks on which financial audit has been concluded.

This is to guard against speculations that could further erode industry confidence and jeopardize their financial position.

The call is sequel to a statement credited to the CBN Governor, Sanusi Lamido Sanusi, that the exposure of the remaining 14 banks whose audit had been concluded would only be disclosed in early October.

Sanusi had hinged his reason for a delayed release of the report on the fact that the apex bank had just begun the audit of the last three banks last Wednesday.

He said the process would be concluded before declaring the findings, as it did on the ‘stressed’ five banks whose chief executives were sacked on August 14 over corporate governance issues bordering on heavy exposure to margin loans and the energy sector.

The bank executives were also alleged to have granted the loans without collateral.