The Joint Committee of the House of Representatives on Public Accounts and Public Assets has threatened to issue a warrant of arrest against the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso.
The threat stems from his repeated failure to appear before the panel investigating alleged non-compliance with the Fiscal Responsibility Act 2007 and the Finance Act 2020 regarding the remittance of operating surpluses and the management of unclaimed dividends and dormant account balances.
In a statement issued on Friday, jointly signed by Bamidele Salam and Ademorin Kuye, Chairmen of the Public Accounts and Public Assets Committees respectively, the Committee indicated that it is considering arresting the CBN chief due to his consistent disregard for their invitations.
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The statement clarified that the Office of the Auditor General for the Federation had reported a liability of N5.2 trillion in operating surplus owed to the Federal Government for the years 2016 to 2022.
This claim was corroborated by a separate report from the Fiscal Responsibility Commission to the National Assembly.
Furthermore, the Committee highlighted that the Finance Act 2020 mandates that unclaimed dividends (six years or older) from all listed Nigerian companies and balances in bank accounts dormant for six years or more be transferred to an “Unclaimed Fund Trust Fund.”
This fund is to be managed by a Governing Council, including the Minister of Finance and the Debt Management Office.
According to the Committee, the Minister of Justice and Attorney General for the Federation confirmed, through a legal opinion, that the Finance Act 2020 is the correct law governing the control and management of dormant account balances, directly contradicting the CBN’s assertion that the Financial Institution Act of 2020 grants it such powers.
Following submissions from relevant stakeholders, the Joint Committee had resolved that the CBN should remit N3.64 trillion (70% of the undisputed N5.2 trillion unpaid operating surplus) within 14 days from June 27, 2025, pending final reconciliation of disputed figures.
The apex bank was also directed to provide the total sum of unclaimed dividends and dormant account balances to the Joint Committee by June 30, 2025, and ensure their transfer to the Unclaimed Fund Trust Fund account within 14 days of receiving the letter, furnishing proof of transfer to the House.
The Committee expressed its dismay, stating, “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.” It warned that it would be “compelled to make him appear in line with the powers vested in it by the 1999 Constitution.”
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