The House of Representatives Joint Committee on Public Accounts and Public Assets has warned that it may issue an arrest warrant for the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over his repeated failure to appear before the panel investigating the non-remittance of operating surpluses and the handling of unclaimed dividends and dormant accounts.
In a statement released on Friday and jointly signed by Hon. Bamidele Salam and Hon. Ademorin Kuye, Chairmen of the two committees, the lawmakers expressed frustration over Cardoso’s continued disregard for their invitations.
The Committee cited findings from the Office of the Auditor General for the Federation, which revealed that N5.2 trillion in operating surplus was owed to the federal government between 2016 and 2022—a claim also supported by the Fiscal Responsibility Commission.
According to the lawmakers, the Finance Act 2020 clearly mandates that unclaimed dividends older than six years, along with dormant account balances from Deposit Money Banks, be transferred to the Unclaimed Funds Trust Fund, a body overseen by a Governing Council led by the Finance Minister and the Debt Management Office.
They noted that the Attorney General of the Federation had issued a legal opinion confirming that the Finance Act 2020 supersedes the CBN’s claim to authority under the Financial Institutions Act 2020 regarding the control of dormant funds.
The Committee has now directed the CBN to remit N3.64 trillion—representing 70% of the undisputed N5.2 trillion—in unpaid surplus within 14 days from the date of the directive, June 27, 2025. It also requested full disclosure of unclaimed dividends and dormant account balances by June 30, 2025.
Furthermore, the apex bank has been asked to transfer all unclaimed dividends and dormant funds to the Unclaimed Funds Trust Fund and furnish the House with evidence of the transfer within two weeks.
Despite these directives, the Committee noted with concern that the CBN Governor has failed to comply or offer any explanation, warning that it may invoke constitutional powers to compel his appearance.
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