Reps panel moves to arrest CBN governor over N3.64tn CBN surplus
The Joint Committee of the House of Representatives on Public Accounts and Public Assets has threatened to issue a warrant of arrest for Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), over his repeated failure to appear before it.
In a statement released on Friday, the committee chairmen, Bamidele Salam and Ademorin Kuye, said Cardoso had continually ignored invitations to address questions regarding the apex bank’s alleged violation of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
“The Office of the Auditor General for the Federation… reported to the House of Representatives a liability of N5.2tn in operating surplus due to the Federal Government of Nigeria for the year ended 2016 to 2022; a claim corroborated by the Fiscal Responsibility Commission,” the statement reads.
The lawmakers also cited provisions of the Finance Act 2020, which states that: “Dividends of all listed companies in Nigeria which remained unclaimed for six years or more and balances on accounts which have been dormant for six years… shall be transferred into an established fund called Unclaimed Fund Trust Fund.”
According to the committee, the Minister of Justice had confirmed through a legal opinion that the Finance Act 2020—not the Financial Institution Act, as referenced by the CBN—is the law that governs the handling of dormant account balances.
After reviewing submissions from stakeholders, the committee resolved that the Central Bank of Nigeria should remit the sum of N3.64 trillion, being 70 percent of the undisputed unpaid operating surplus of N5.2 trillion, within 14 days from the receipt of its letter dated June 27, 2025.
The CBN was also directed to provide details of unclaimed dividends and dormant account balances on or before 30th June 2025.
