Reps threaten CBN governor with arrest over N5.2tn unremitted funds – Newstrends
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Reps threaten CBN governor with arrest over N5.2tn unremitted funds

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CBN Governor, Olayemi Cardoso

Reps threaten CBN governor with arrest over N5.2tn unremitted funds

The House of Representatives Joint Committees on Public Accounts and Public Assets have threatened to issue an arrest warrant for the Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso.

The move follows his continued failure to appear before the National Assembly and comply with resolutions concerning the Fiscal Responsibility Act 2007 and the Finance Act 2020.

In a joint statement issued on Friday, the chairmen of the committees—Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets)—accused the apex bank chief of repeated disregard for legislative summons and resolutions. The duo said the committee was left with no choice but to consider exercising its constitutional powers to compel his appearance.

The committees referenced a report by the Auditor-General for the Federation, which identified a backlog of ₦5.2 trillion in unpaid operating surplus owed by the CBN to the Federal Government between 2016 and 2022. The findings were corroborated by the Fiscal Responsibility Commission, which submitted a similar position to the National Assembly.Lawmakers further invoked provisions of the Finance Act 2020, which mandate that unclaimed dividends and dormant bank account balances—older than six years—be transferred to an Unclaimed Funds Trust Fund. The Fund is to be managed by a governing council headed by the Minister of Finance and the Debt Management Office.

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It is understood that despite the legal opinion of the Attorney-General of the Federation, which confirmed the Finance Act 2020 as the governing legislation on the matter, the CBN has continued to assert that the Financial Institutions Act 2020 grants it authority over dormant accounts—a stance the committee rejected as baseless.

Following multiple engagements with stakeholders, the joint committee on June 27, 2025, directed the CBN to remit ₦3.64 trillion—representing 70% of the undisputed operating surplus—to the Federal Government within 14 days. The bank was also instructed to disclose the total value of unclaimed dividends and dormant accounts by June 30, 2025, and transfer qualifying funds to the designated Trust Fund within another 14 days.

However, the committee lamented that Governor Cardoso has failed to comply with the resolutions or appear before the National Assembly to explain his position.

The lawmakers stressed that their threat to issue a warrant is anchored in the 1999 Constitution (as amended) and the Standing Rules of the House, aimed at promoting accountability in the management of public finances.

Reps threaten CBN governor with arrest over N5.2tn unremitted funds

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Sokoto Officials Deny Reported Mosque Attack as Bandits Kill Five in Gatawa Raid

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Sokoto Officials Deny Reported Mosque Attack as Bandits Kill Five in Gatawa Raid

The Chairman of Sabon Birni Local Government Area in Sokoto State, Ayuba Hashimu, has dismissed viral reports alleging that bandits attacked a mosque in the council area, killing an Imam and several worshippers.

Some online platforms had circulated claims that armed bandits stormed a mosque in Sabon Birni, murdered the Imam and congregants, and abducted others.
However, Hashimu, speaking by telephone, described the reports as entirely false.

“I don’t know any mosque that was attacked, not to talk of killing of an Imam and worshippers. The story is false,” he stated.

A member of the state legislature representing the area, Hon. Aminu Boza, also debunked the claims, insisting that no mosque attack occurred on Saturday.

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“I don’t know how they got their story, but it is not true. No mosque was attacked by bandits,” he said.

While officials denied the alleged mosque incident, a separate early morning assault on Gatawa town within the same LGA resulted in five deaths and left one person critically injured.

A resident, who spoke on condition of anonymity, told Daily Trust that six people — including two married women, two teenage girls and two young boys — were abducted by attackers suspected to be bandits.

“The bandits invaded our community around 1:30 a.m. and started shooting sporadically. Our vigilantes engaged them, but four of them paid the supreme price on the spot. Two others sustained gunshot injuries and were taken to the hospital, but one later died,” the resident said.

He added that the attackers also stole livestock as they fled.
“We heard them exchanging fire with security agents, but none of the abducted persons was rescued,” he recounted.

Sokoto Officials Deny Reported Mosque Attack as Bandits Kill Five in Gatawa Raid

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FG Begins Formal Recovery of 157 Almajiri Schools for Nationwide Rehabilitation

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Almajiri school

FG Begins Formal Recovery of 157 Almajiri Schools for Nationwide Rehabilitation

The Federal Government has commenced the official recovery of 157 model Almajiri schools built during the administration of former President Goodluck Jonathan, in a renewed push to overhaul Almajiri education across the country.

The move was confirmed by Nura Muhammad, spokesperson for the National Commission for Almajiri and Out-of-School Children Education (NCAOOSCE), during an interview in Abuja on Sunday. He described the recovery process as a crucial step toward fully revamping and institutionalising Almajiri education.

Muhammad explained that the effort follows the establishment of a legally backed national body now responsible for all Almajiri-related programmes — a structure he said was missing during earlier reform attempts.

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While commending former President Jonathan for constructing the schools, which he described as “a noble and well-intentioned stride toward modernising the system,” Muhammad noted that the previous initiative struggled due to weak policy implementation, including inadequate engagement with Alarammas, the traditional Qur’anic teachers who play a central role in the Almajiri system.

He added that the lack of a strong institutional framework — with the project operating only as an initiative under the Federal Ministry of Education — contributed to its challenges.

According to him, the Commission is now strengthened by law and guided by the newly adopted National Policy on Almajiri Education, positioning it to deliver sustainable reforms.

Muhammad expressed confidence that harmful practices linked to the Almajiri system would be addressed, emphasising that all recovered schools would soon be fully under the Commission’s control and rehabilitated to serve their original purpose.

FG Begins Formal Recovery of 157 Almajiri Schools for Nationwide Rehabilitation

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Delta State Police Arrest Suspects in Killing of Retired Justice Ifeoma Okogwu

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Justice Ifeoma Okogwu

Delta State Police Arrest Suspects in Killing of Retired Justice Ifeoma Okogwu

The Delta State Police Command has made a significant breakthrough in the investigation into the murder of retired Justice Ifeoma Okogwu in Anambra State, arresting key suspects linked to the case.

Spokesperson SP Bright Edafe disclosed on Sunday that operatives of the Homicide Section of the State Criminal Investigation Department (CID), acting on credible intelligence, apprehended 25-year-old security guard Godwin Mngumi on 6 December 2025. Mngumi allegedly murdered the retired judge, and authorities also recovered the deceased’s mobile phone from him.

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According to Edafe, Mngumi confessed to inviting a friend, Nnaji Obalum, and another accomplice — who remains at large — to the residence where the crime was committed. Obalum has since been arrested, while a manhunt continues for the third suspect.

The arrests mark a major step forward in the effort to bring all perpetrators of the high-profile murder to justice.

Delta State Police Arrest Suspects in Killing of Retired Justice Ifeoma Okogwu

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