The House of Representatives has threatened to issue a warrant for the arrest of the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over his repeated failure to honor invitations from its joint committee.
Cardoso is being probed by the House Joint Committee on Public Accounts and Public Assets over the alleged non-remittance of operating surpluses and the management of unclaimed dividends and dormant account balances a violation of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
In a joint statement signed by the committee chairmen, Bamidele Salam and Ademorin Kuye, lawmakers criticized what they called Cardoso’s “incessant shunning” of summons and said the option of arrest is now being considered.
The committee cited findings from the Office of the Auditor General for the Federation, which reported N5.2 trillion in unpaid operating surplus due to the federal government between 2016 and 2022 a figure backed by the Fiscal Responsibility Commission.
Under the Finance Act 2020, dividends unclaimed for six years or more, and funds in dormant accounts of the same duration, must be transferred to the Unclaimed Fund Trust Fund, overseen by a governing council that includes the Minister of Finance and the Debt Management Office.
A legal opinion from the Attorney General of the Federation, Lateef Fagbemi, confirmed that the Finance Act takes precedence over the CBN’s claim that the Financial Institutions Act empowers it to control dormant account balances.
The committee instructed the CBN to remit ₦3.64 trillion representing 70% of the uncontested N5.2tn within 14 days of receiving the letter dated June 27, 2025.
It also directed the bank to submit a full report of unclaimed dividends and dormant balances by June 30, 2025, and transfer the appropriate amounts to the Trust Fund within 14 days of the notification.
Despite these directives, the CBN governor has failed to comply or appear before the committee, prompting lawmakers to consider invoking constitutional powers to compel his appearance.
Advertisement
