The House of Representatives could situation an arrest warrant for Central Bank of Nigeria (CBN) Governor Olayemi Cardoso after he repeatedly ignored invites and resolutions regarding ₦5.2 trillion in unpaid working surplus.
In a joint assertion launched Friday, July 25, Chairmen of the Public Accounts and Public Assets Committees, Hon. Bamidele Salam and Hon. Ademorin Kuye, mentioned the CBN’s continued defiance left them with no alternative however to think about using their constitutional powers to compel compliance.
Their motion follows findings from the Auditor-General for the Federation and the Fiscal Responsibility Commission that the CBN did not remit over ₦5.2 trillion as a result of Federal Government between 2016 and 2022.
Citing the Finance Act 2020, lawmakers famous that unclaimed dividends older than six years and dormant {bank} balances should be transferred into an Unclaimed Funds Trust Fund, managed by a council led by the Minister of Finance and the Debt Management Office.
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The committees said that the Attorney-General of the Federation had additionally issued a authorized opinion upholding the Finance Act 2020 because the governing regulation, contradicting the CBN’s place that the Financial Institutions Act offers it management over dormant funds.
Given the shortage of cooperation, the joint committee directed the apex {bank} to remit 70% of the excess, amounting to ₦3.64 trillion, inside 14 days of receiving the decision, dated June 27, 2025.
The {bank} was additionally requested to supply particulars of unclaimed dividends and dormant accounts by June 30 and to switch qualifying funds inside 14 days.
Despite these directives, lawmakers say Cardoso has neither complied nor appeared earlier than them to clarify his refusal.
The committees emphasised that their calls for are backed by the 1999 Constitution and House Standing Rules, and that their goal is to make sure transparency within the dealing with of public assets.
