CBN staff loans hit N40b

The Central Bank of Nigeria has said as of December 2022, loans worth N40.67 billion were made to its employees.

This was stated in the audited financial statement for 2022 from the apex bank.

From N17.43 billion in 2021 to N40.67 billion in 2022, it was seen that there was a growth of 133.17%.

The number of employees who benefited from the loan was not specified by the bank. However, details on its website included information about the bank’s current workforce size.

The Central Bank said, “From a bank-wide staff strength of 10,000 staff, excluding the over 2,000 casuals in the HQ and branches as at 1999, the bank operates with a substantially reduced staff strength of and (sic) 4,914 by December 2005, further down from 6,119 as at December 2004. It should be noted further that 79 percent of current staff are now professionals.”

Despite the N155.63 billion allocated as employee allowances in 2022, a significant level of debt was documented.