The House of Representatives has threatened to issue a warrant of arrest on the Governor of the Central Bank of Nigeria, Olayemi Cardoso over the alleged non-remittance of N5.2 trillion in operating surplus.
The threat was issued on Friday by the Joint Committee of Public Accounts and Public Assets, which is probing the alleged violation of the Fiscal Responsibility Act 2007 and the Finance Act 2020 by the apex bank.
In a statement jointly signed by the committee chairmen, Bamidele Salam and Ademorin Kuye, lawmakers expressed frustration over Cardoso’s repeated failure to honour invitations to appear before the panel.
The committee said the Office of the Auditor General for the Federation reported the unremitted N5.2tn for the years 2016 to 2022. The Fiscal Responsibility Commission also confirmed the figure in a separate submission to the National Assembly.
In addition, the committee highlighted that the Finance Act 2020 mandates the transfer of unclaimed dividends older than six years and dormant account balances of the same duration into an Unclaimed Fund Trust Fund.
This fund is to be managed by a Governing Council that includes the Minister of Finance and the Debt Management Office.
The statement further referenced a legal opinion from the Attorney General of the Federation, which confirmed that the Finance Act 2020 governs the management of such dormant funds.
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This position directly contradicts the CBN’s stance, which argues that the Financial Institutions Act 2020 grants it sole authority over dormant account balances.
Following inputs from relevant stakeholders, the House committee directed the CBN to remit 70% of the N5.2tn—amounting to N3.64tn—within 14 days of receiving a letter dated June 27, 2025.
The committee also requested the apex bank to disclose the total value of unclaimed dividends and dormant accounts by June 30, 2025.
The statement added, “The CBN should ensure that all unclaimed dividends and funds in dormant accounts are transferred to the Unclaimed Fund Trust Fund account within 14 days of the receipt of the letter, and the receipt of transfer furnished to the House.”
Despite these clear directives, the committee lamented that the CBN governor had not only failed to comply but had also refused to appear before the committee to explain the delay.
“This persistent disregard for the National Assembly’s invitations is unacceptable. The House will be compelled to invoke its constitutional powers to compel Mr. Cardoso to appear,” the statement said.
The committee emphasized that transparency in financial governance and adherence to statutory provisions are critical to public trust and the functioning of Nigeria’s fiscal system.
The lawmakers said they would continue their investigation and would not hesitate to escalate the matter if compliance was not achieved.
Punch Newspaper
