The Central Bank of Nigeria (CBN) says it has completed a major forensic audit into the country’s foreign exchange transactions under the Retail Secondary Market Intervention Sales (RSMIS) scheme, declaring that the matter is now closed.

This follows an 18-month investigation by the CBN in collaboration with authorised dealer banks and the global audit firm Deloitte, which reviewed all outstanding and undelivered FX forward contracts.

FX forwards are contracts that allow businesses or individuals to lock in a specific exchange rate today for the purchase or sale of foreign currency at a future date.

These contracts help protect against unexpected swings in exchange rates. In Nigeria, such contracts are used by importers, exporters, and other players in the foreign exchange market to manage currency risks.

In a statement published on its website, the CBN said it will no longer entertain any review or reopening of the audit process, describing such a move as both inefficient and impractical.

According to the CBN, “the findings have therefore met procedural fairness standards. The case of undelivered forward contracts is now concluded and closed.”

The apex bank stated that the audit was based on a clear and transparent mandate. Deloitte, acting as an independent forensic expert, conducted a review of the forward contracts in question.

CBN explained that it commissioned the audit to check the authenticity of all forward contracts that had not been delivered and to verify if they were lawful and followed the terms set by the relevant regulations.

The goal, according to the Bank, was to protect Nigeria’s foreign exchange reserves, enforce market discipline, and make sure all players were treated fairly.

The statement stressed that the audit was also in line with the Bank’s legal obligation to ensure that the country’s public financial resources are properly managed.

The CBN said it had a duty to act when previous activities may have fallen short of expected standards.

While restating its readiness to settle all valid FX obligations that follow market rules, the CBN advised banks and their customers to ensure their transactions are well documented, follow existing foreign exchange laws, and submit only genuine transactions for settlement.

Furthermore, the apex bank said it is currently weighing appropriate legal action against those found to have broken the rules, based on the audit findings. It said it would be working with law enforcement and other regulatory bodies to take civil, administrative, or even criminal action where necessary.

This audit exercise was first disclosed by the CBN Governor, Mr. Olayemi Cardoso, shortly after he assumed office in 2023.

He had confirmed that Deloitte was hired to undertake a comprehensive forensic review of all FX-related dealings under the RSMIS framework, particularly in relation to undelivered forward contracts that had raised concerns about transparency and accountability in the management of Nigeria’s foreign exchange market.

The Institute of Chartered Accountants of Nigeria (ICAN) has appraised the country’s renewable energy sector, saying it has the potential to create 300,000 jobs and contribute $7.4bn annually to the Gross Domestic Product (GDP) by 2030.

 ICAN’s President, Mallam Haruna Nma Yahaya, who spoke at the Institute’s 8th Southern Zonal Conference held in Port Harcourt, Rivers State, further noted that aligning the country’s policies with the United Nations Sustainable Development Goals(SGG), particularly Goals 7, 12, and 13, could unlock more than $1trillion in market opportunities for Africa by 2030.

Appreciating the Government of Rivers State for its hospitality, Yahaya said, “The renewable energy sector alone has the potential to create over 300,000 jobs and contribute $7.4 billion annually to our GDP by 2030 if properly harnessed.

“Moreover, aligning our policies with the United Nations Sustainable Development Goals, particularly Goals 7, 12, and 13, could unlock more than $1 trillion in market opportunities for Africa by 2030. Eco-disruption, therefore, is not merely a challenge; it is also an invitation to innovation and leadership.

“As chartered accountants, we occupy a unique position at the intersection of finance, governance, and sustainability. We are called to champion the sustainability agenda through improved environmental accounting, sustainability reporting, and innovative green financing mechanisms.

“We can lead the way by promoting ESG disclosures and adopting the International Sustainability Standards Board frameworks, ensuring that our businesses and institutions not only comply with global requirements but also contribute meaningfully to sustainable development”.

Yahaya explained that integrating climate resilience into budgeting and incentivising eco-friendly investments would allow Nigeria to build a low-carbon economy while attracting green financing and stimulating growth in climate-smart sectors.

“Furthermore, by promoting public-private partnerships for green infrastructure, we can help the nation achieve its Net-Zero Energy Transition Plan”, he stated.

He encouraged all members to join the ICAN ESG and Sustainability Faculty to equip themselves with the requisite knowledge and competence to navigate the evolving landscape of environmental, social, and governance reporting, to position the professionals for leadership in the emerging global green economy.

In his keynote address, the Administrator of Rivers State, Vice-Admiral Ibok-Ete Ekwe Ibas (rtd.), said Nigeria’s sustainability challenges could be overcome by aligning applicable principles of accounting ethics and environmental stewardship.

The administrator indicated that by investing in green skills, civic engagement and being accountable, not only in financial deficits but ecological practices, Nigeria could build a nation that thrived within the global entity.

Expatiating on the theme, “Eco-Disruption and Sustainability Challenges: The Way Forward”, the administrator, represented by the Secretary to the State Government, Prof. Ibibia Lucky Worika, stressed that the topic was timely, especially against the background of recent changes in the world environment.

He said, “Our world is changing. Climate change, deforestation, pollution, and unsustainable consumption patterns are no longer abstract concerns. They are here, disrupting ecosystems, economies, and everyday life from the rising flood waters of the Niger Delta to the advancing desert sands in the north.

“Accountants and Eco-Disruption are an unlikely but vital alliance. It is not every day that you see a room full of accountants discussing eco-disruption. After all, when we think of accountants, we picture balance sheets, not biodiversity; ledgers, not lagoons; profit margins, not mangrove swamps. And yet, here we are about climate change with people whose natural habitat is the spreadsheet.

“I must say, if the planet knew its fate was being discussed by accountants, it might feel strangely reassured or start worrying about whether we are about to amortise the ozone layer.

“But in truth, your role in this conversation is critical. Because sustainable development is not only about planting trees, it’s about restructuring systems. It’s about applying logic, measurement, discipline, and ethics to our collective footprint. These are things accountants excel at”.

Highlighting the negative effects of eco-disruption in the Niger Delta, he said: “In the Niger Delta, where we are gathered today, the evidence is stark: coastal erosion and sea-level rise are threatening entire communities.

“Biodiversity is in decline, with mangrove forests and aquatic life under siege from oil pollution and invasive species. Rainfall patterns are shifting, compromising agriculture, food systems and freshwater supplies.

“Oil spills, bush burning, and deforestation continue to erode environmental health and human livelihoods. These disruptions not only threaten our environment, they destabilise our economy, our security and our very identity as a people.”

Ibas also stressed that strategies to develop effective policy towards environmental stewardship must change to ensure institutional reforms in cognisance of socio-economic, environmental and human sustainability.

He said, “The four pillars of environmental, economic, social, and human sustainability must now guide our policy choices and institutional reforms. We must move from extractive to regenerative systems.

“We must rethink how we produce, consume, and account for the value we create, not just in financial terms, but in ecological and social impact as well.

“Strengthen environmental governance and community engagement, support clean energy with targeted fiscal policies and green financing, promote afforestation and mangrove restoration, integrate sustainability into educational curricula and professional ethics, including accounting practices and invest in data, transparency and inclusive planning at all levels of government and industry”.

Ahead the schedule for the proposed Belemaoil Crude Pipeline (BCP) and installation of Floating Storage and Off-loading (FSO) Vessel Offshore project in Kula community, Akuku-Toru Local Government Area of Rivers State, Belemaoil Producing Limited, has assured absolute compliance to established rules and regulations.

Vice President of the company, Collins Amadi, gave the assurance at the Panel Review Meeting of the Environmental Impact Assessment (EIA) of the proposed project by the Belema Sweet Export Terminal Limited, held at Hotel Presidential, PortHarcourt, at the Weekend.

Speaking to Newsmen, Amadi said that the project is undergoing it’s process, inclusive of the EIA, maintaining that upon the process completion, the company would ensure a total adherence to guidelines and involvement of all concerned parties.

Amadi said “It’s a process. Developing a terminal is not something you get in a swift. You can not just go in without meeting up with all the required regulatory measures. And the EIA is part of the process. The project has not started. Once it starts, we will abide with all the rules and regulations governing it”.

Amadi who noted that the company had been in the oil and gas business for a while stated that it has always upheld the interest of it’s host communities saying “from all our value chain, we take them along. We ensure that every community that is impacted is here . We engage them and they know when we say we’ll do this, we do them”.

According to him, the EIA panel review meeting had both the federal and state ministries of environment who act as advocates and defendants of the project’s host communities “ensuring that as the government , whatever we do will not affect the people negatively”.

Also speaking, the President and Chief Executive Officer (CEO),  Ajivin Group of Companies, who is also the Technical Consultant to Belema Sweet Export Terminal Limited, Dr. Vincent Ajilo, insisted that the project, once in operation, would help to meet the needs of the people.

“It’s lovely because it accommodates the needs of the environment. With this project, there will be economic development in Kula kingdom.

Describing Kula as one of the communities that houses a lot of assets, Ajilo regretted that the area is still impoverished stating “so with this project, there will be facilities, funds and opportunities for the community”.

Earlier in his Opening Remarks, the Minister of Environment, Balaraba Abbas Lawal, said the Belema Crude Pipeline project is one that the government had hope on to help leverage on employment and capacity development.

Represented by Shittu Hussain, Lawal said “the Belema project is a project that we are hoping would help to accomplish the ‘Renewed Hope’ agenda of the President. The company has made effort to ensure that they are consistent with the law. The project will help to eliminate unemployment and boost capacity development as people engaged in it will at the end,  benefit “.

On her part,  the representative of the Rivers State Ministry of Environment, Dr (Mrs) Ibi-faa Kio, stressed the need for a proper impact mitigation on the host communities and its environs upon commencement of the project.

“Please, consider what is meant to be done for the community especially the women and even men who rely on the sea for their livelihood to mitigate their impact”, she said.

By: Lady Godknows Ogbulu