The Committee on Delegated Legislation of the House of Representatives has written to the Key Bank of Nigeria (CBN), President Bola Tinubu’s Unusual Investigator Jim Obazee, and auditing firms KPMG and Ernst & Young (EY), seeking facts on the concern of the CBN’s disputed 2025 audited accounts.
In divided letters dated September 22, 2026, and signed by committee chairman Olufemi Richard Bamisile, the committee asked the CBN to provide its summary consolidated and individual financial statements for 2024 and 2025, as well as the complete audited versions of these financial statements for both years.
Jim Obazee, who previously urged the Financial Reporting Council of Nigeria (FRC) to mandate a withdrawal and repetition of the CBN’s 2025 audited accounts, was requested to submit his comprehensive 8-page research on the 2025 overview consolidated and individual financial statements. This silence highlights the require for a complete critique of the aforementioned documents.”
In his letters to KPMG and EY, Bamisile pointed out that Obazee’s concerns on the audited accounts organized by both firms cast doubt on the integrity of the documents, the apex bank, its board of directors, and the audit profession itself.
“Given the CBN’s pivotal role in the economy, such comments on documents that mirror the operations of the apex bank—and which the federal government may use in policy decisions—cannot be ignored,” he wrote.
Please be advised that you will furthermore be invited to appear in advance of the Committee to protect your examination and describe your findings around the alleged irregularities.”
He stressed that, given the CBN’s essential role as the government’s banker, administrator of the banking sector, and a key formulator of macroeconomic policy, any allegation of irregularity in its operations or financial reporting requires complete scrutiny—principally when raised by a respected authority like Obazee.
Addressing the CBN, Bamisile emphasised that the integrity of the bank’s financial statements is decisive. “As the institution that regulates the banking field and formulates macroeconomic policies, the audited financial statements are key documents relied upon by the federal government for policy and investment decisions, and by foreign investors as a mirror of the Nigerian economy.”
He added, “We have not seen any community reply or rebuttal from the CBN instruction concerning the issues raised in Mr Obazee’s examination because the publish was published on September 2. He is too expected to appear earlier than the Committee at a later date to watch his findings and continued outline the alleged irregularities he identified.
KPMG and EY said the two audit firms responsible for preparing the CBN’s accounts, were additionally asked to grant the Committee together with copies of the complete consolidated and individual financial statements for 2024 and 2025, which they audited.
Bamisile explained that the Committee’s requests stem from the 8-page speech attributed to Obazee at the commissioning of the FRC headquarters in Lagos, where he highlighted multiple alleged irregularities in the CBN’s audited accounts and claimed both the Domestic Assembly and President Tinubu were misled by the documents.
In his letter to Obazee, Bamisile noted, “In your reported tackle, you raised key observations and highlighted a group of alleged irregularities in the CBN’s 2025 audited financials, top you to complete that the governor of the bank deceived both the Statewide Assembly and the Presidency”.
“In perspective of the gravity of these concerns, we respectfully require the filled 8-page critique and/or speech delivered at the event.
