The House of Representatives Joint Committee on Public Accounts and Public Assets has threatened to issue a warrant of arrest against the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over the bank’s alleged failure to remit N5.2 trillion in operating surplus to the Federal Government.
In a statement released on Friday and jointly signed by Bamidele Salam and Ademorin Kuye, Chairmen of the House Committees on Public Accounts and Public Assets, the lawmakers accused Cardoso of consistently ignoring invitations to appear before the joint panel, which is probing violations of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
The lawmakers noted that the Office of the Auditor General for the Federation, while discharging its constitutional mandate, reported that N5.2 trillion in operating surplus had not been remitted to the government between 2016 and 2022.
The Fiscal Responsibility Commission also corroborated this claim in a separate report to the National Assembly.
According to the joint committee, “The Finance Act 2020 mandates 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 in Deposit Money Banks shall be transferred into an established fund called Unclaimed Fund Trust Fund which is to be administered by the Governing Council comprising the Minister of Finance and Debt Management Office among others.”
They further noted that the Minister of Justice and Attorney General of the Federation, through a legal opinion, affirmed that the Finance Act 2020 is the appropriate legislation for overseeing dormant accounts and unclaimed dividends.
“Contrary to the position of the CBN that the Financial Institution Act of 2020 gives it the power to manage and control balances of dormant accounts,” the statement clarified.
Following submissions from relevant stakeholders, the Committee directed the CBN to remit N3.64 trillion, representing 70% of the undisputed amount, within 14 days from the receipt of its communication dated June 27, 2025.
This payment is to be made pending final reconciliation of the disputed figures by all parties.
Furthermore, the apex bank was instructed to disclose the total sum of unclaimed dividends and dormant account balances by June 30, 2025.
“The CBN should ensure that all unclaimed dividends and funds in the dormant accounts balances as defined above are transferred to the Unclaimed Fund Trust Fund account as provided by the Finance Act 2020, within 14 days of the receipt of the letter and receipt of the transfer be furnished to the House,” the lawmakers directed.
The committee expressed deep concern over the CBN governor’s non-compliance.
“Despite the unambiguous resolution, the CBN governor has failed to comply with the resolution and refused to appear before the committee to explain why he failed to do so,” the statement read.
