The House of Representatives has threatened to issue a warrant of arrest against the Governor of the Central Bank of Nigeria, Olayemi Cardoso, following his repeated refusal to honour invitations from its joint committee.
Cardoso is being investigated for the CBN’s alleged non-compliance with the Fiscal Responsibility Act 2007 and the Finance Act 2020, particularly on the remittance of operating surplus and the management of unclaimed dividends and dormant account balances.
The joint committee, made up of the Public Accounts and Public Assets Committees and chaired by Bamidele Salam and Ademorin Kuye, issued a statement on Friday expressing frustration over what it described as Cardoso’s “incessant disregard” for its summons.
According to the committee, the Office of the Auditor General for the Federation reported a liability of N5.2 trillion in unremitted operating surplus due to the Federal Government between 2016 and 2022. This figure was also backed by the Fiscal Responsibility Commission in its separate submission to the National Assembly.
Citing the Finance Act 2020, the lawmakers reminded the apex bank that unclaimed dividends from listed companies and dormant bank account balances of six years or more must be transferred to the Unclaimed Fund Trust Fund under the control of a Governing Council that includes the Minister of Finance and the Debt Management Office.
This legal interpretation, they said, was supported by the Attorney General of the Federation, Lateef Fagbemi, contrary to the CBN’s argument that it retained control of dormant account funds under the Financial Institution Act 2020.
The committee noted that it had given the CBN 14 days, starting from June 27, 2025, to remit N3.64 trillion representing 70 percent of the undisputed N5.2 trillion surplus and to provide full disclosure of all unclaimed dividends and dormant funds by June 30.
The panel further instructed the CBN to transfer the relevant funds to the Unclaimed Fund Trust Fund account, in line with the Finance Act 2020, and furnish evidence of compliance.
However, it lamented that Cardoso had neither responded nor appeared before the panel as required, a development they described as unacceptable.
“The committee may be compelled to invoke its constitutional powers to compel the CBN governor’s appearance if this continued disregard persists,” the statement warned.
