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

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