The June 30, 2026, Independent Auditor’s Report for Wrapped CBDC Limited provides a comprehensive attestation of the cNGN stablecoin’s reserve adequacy and regulatory standing at a specific point in time (9:45 pm WAT). Conducted by Bala Isah Garba and Company under the ISAE 3000 (Revised) assurance standard, the report concludes that management’s assertion of full collateralization is fairly stated in all material respects.
1. Core Solvency and Liquidity Buffer
As of the reporting date, the Company maintained a robust solvency position, with total reserve assets exceeding its circulating token liabilities.
- Total Fair Value of Reserve Assets: ₦2,777,009,541.66.
- Total cNGN Tokens in Circulation: ₦2,624,599,388.08.
- Liquidity Buffer (Excess Reserves): ₦152,410,153.58.
This surplus represents a capital cushion, ensuring the issuer’s ability to satisfy redemption requests even during periods of market stress.
2. Diversified Asset Composition
The reserve portfolio has transitioned from a cash-heavy structure in early 2025 to a more sophisticated, yield-bearing allocation as of mid-2026. The assets are categorized as follows:
| Category | Investment Type | Amount (₦) | % of Reserve |
|---|---|---|---|
| Asset Manager | Money Market Funds | 1,860,786,148.33 | 67% |
| Asset Manager | Treasury Bills | 442,298,171.79 | 16% |
| Fixed Term | Investment Placements | 367,136,067.91 | 13% |
| Bank Balance | Liquid Bank Deposits | 106,789,153.63 | 4% |
| Total | 2,777,009,541.66 | 100% |
This allocation prioritizes liquidity (4% immediate cash) and capital preservation through low-risk government-backed Treasury Bills and SEC-authorized Money Market Funds.
3. Multi-Chain Dominance
The cNGN stablecoin operates across a multi-chain architecture, with verified token supplies distributed across the Base, Assetchain, BNB Chain, Ethereum, Bantu, and Polygon networks. As of June 30, 2026, the Base network remains the definitive liquidity hub, hosting approximately 66% of the total circulating supply with 1,729,540,517.65 tokens. This is supported by significant allocations on Assetchain (554,340,111.00 tokens) and BNB Chain (334,623,382.61 tokens), while legacy and secondary networks like Ethereum, Bantu, and Polygon combined represent a marginal fraction of the total volume. This concentration reflects a clear market preference for high-throughput networks, shifting away from the more balanced distribution observed at the coin’s inception in early 2025.
4. Accounting and Regulatory Framework
The June 2026 attestation reinforces the Company’s commitment to standardized financial reporting and SEC compliance:
- IFRS 9 Compliance: Financial investments within the reserve are stated at fair value.
- Liability Classification: Consistent with previous periods, cNGN tokens are classified as refund liabilities, which are legally recognized as repayable on demand through a formal redemption process.
- Regulatory Oversight: The Company operates under the Nigerian Securities and Exchange Commission (SEC) Regulatory Incubation (RI) Program, which mandates these monthly updates on reserve transparency and asset holdings.
- Verification Procedures: The auditor’s conclusion was reached through direct circularization with banks and asset managers to confirm the existence and value of assets, as well as reconciliation of the circulating token supply across blockchain networks.
From a treasury management perspective, the Company ended June 2026 with a 5.8% capital buffer above its total liabilities. The high concentration in Money Market Funds (67%) and Treasury Bills (16%) indicates a mature strategy of using yield-generating instruments to bolster the reserve while maintaining enough liquid cash to meet immediate operational and redemption requirements.