Reps Write KPMG, EY, Obazee Over CBN 2025 Audited Accounts

The House of Representatives Committee on Delegated Legislation has formally requested President Bola Tinubu’s Special Investigator, Jim Obazee, to submit his eight-page analysis concerning the Central Bank of Nigeria’s (CBN) 2025 audited financial statements.

At the same time, the committee has instructed audit firms KPMG and Ernst & Young (EY) to provide full copies of the CBN’s consolidated and separate financial statements for 2024 and 2025.

These requests were conveyed in letters signed by committee chairman Rt. Hon. Olufemi Richard Bamisile, who represents the Emure/Gbonyin Ekiti East Federal Constituency of Ekiti State.

In its letter to Obazee, the committee acknowledged his recent comments and analysis presented at the commissioning of the Financial Reporting Council of Nigeria (FRC) headquarters in Lagos, which have raised serious concerns about accountability and transparency at the apex bank, as well as the roles of auditors and the accounting profession.

The committee referenced a September 2, 2026 report by InsideBusinessNG, attributing to Obazee allegations of “several irregularities” in the CBN’s 2025 audited accounts.

Seeking to establish the full details and basis of these claims, the committee asked Obazee to submit the original eight-page analysis or speech that formed the basis of the referenced article. He has also been informed that he will be invited to appear before the committee to explain and defend his findings regarding the alleged irregularities.

The lawmakers stressed that the matter requires thorough scrutiny given the CBN’s central role as the government’s banker, regulator of the banking system, and a key institution for monetary and macroeconomic policy. The absence of a public response or rebuttal from the CBN management further underlines the need for comprehensive legislative examination.

Obazee was directed to submit the requested analysis to Suite 1.3, House of Representatives Wing, National Assembly, Abuja, by September 28, 2026.

In a separate letter to the Managing Partner of KPMG and EY at the firms Abuja office, the committee extended its inquiry to the audit firms that signed off on the CBN’s accounts.

Citing controversy generated by Obazee’s call for the withdrawal and restatement of the 2025 audited statements, the lawmakers said the concerns go beyond the CBN’s financial reporting and touch on the integrity of the accounts, the responsibilities of the bank and its board, the accounting profession, and the auditors’ work.

Given KPMG and EY’s direct involvement in auditing the accounts under scrutiny, the committee requested the firms to provide full consolidated and separate financial statements for the CBN for 2024 and 2025 within one week. They have also been notified that they will be summoned to appear before the House to explain the documents and respond to issues raised by the special investigator.

The committee emphasized that this audit controversy cannot be ignored, as the CBN’s financial statements are critical to understanding the institution’s operations and financial position within Nigeria’s financial system and macroeconomic management. The absence of public statements or rebuttals from the CBN, FRC, and the auditors further underscores the need for transparency.

The committee noted that the submitted documents and subsequent hearings will enable a thorough legislative review of the CBN’s 2024 and 2025 financial statements, the audit process, and the allegations raised by Obazee.

Dates for the appearances of Obazee, EY and KPMG are to be announced after the requested documents are received.