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Nigerian banks now IFRS compliant – CBN

By on May 21, 2013

The Central Bank of Nigeria on Thursday said that all Deposit Money Banks in the country were now International Financial Reporting Standards compliant.

The Deputy Governor, Financial Systems Stability, CBN, Mr. Kingsley Moghalu, said at the Ernst & Young Financial Services Forum that all the banks presented their 2012 financial year end result in the IFRS format.

Moghalu, who was represented by the Director, Banking Supervision, Mrs. Tokunbo Martins, added that the CBN would continue to bring to the barest minimum the challenges facing the financial sector in the country.

The Financial Reporting Council had issued a directive to all publicly quoted companies to switch fully from the Nigerian Generally Accepted Accounting Principles to IFRS in their 2012 financial results.

The deputy governor commended the efforts of Ernst & Young as regards its contribution to the development of the financial sector, especially with its programmes, which he said aligned with the CBN’s reform agenda.

The Regional Managing Partner, Ernst & Young, Mr. Henry Egbiki, said markets around the world, especially America and Europe, were still struggling, thereby causing a lot of uncertainties.

“Their markets are struggling and causing a lot of uncertainties and people are worried because they don’t know how it is going to come out, but Africa continues to present most opportunities, “ he added.

He pointed out that a current report by the International Monetary Fund stated that 11 out of the 20 economies of the world between now and 2017 would come from Africa due to the huge growth of opportunities on the continent.

Egbiki added that the challenges in Africa had been that of infrastructure, integration, which has led to high wall in terms of entry barriers into the continent.