The House of Representatives may issue an arrest warrant for Central Bank of Nigeria (CBN) Governor Olayemi Cardoso after he repeatedly ignored invitations and resolutions relating to ₦5.2 trillion in unpaid operating surplus.
In a joint statement released Friday, July 25, Chairmen of the Public Accounts and Public Assets Committees, Hon. Bamidele Salam and Hon. Ademorin Kuye, said the CBN’s continued defiance left them with no choice but to consider using their constitutional powers to compel compliance.
Their action follows findings from the Auditor-General for the Federation and the Fiscal Responsibility Commission that the CBN failed to remit over ₦5.2 trillion due to the Federal Government between 2016 and 2022.
Citing the Finance Act 2020, lawmakers noted that unclaimed dividends older than six years and dormant bank balances must 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 stated that the Attorney-General of the Federation had also issued a legal opinion upholding the Finance Act 2020 as the governing law, contradicting the CBN’s position that the Financial Institutions Act gives it control over dormant funds.
Given the lack of cooperation, the joint committee directed the apex bank to remit 70% of the surplus, amounting to ₦3.64 trillion, within 14 days of receiving the resolution, dated June 27, 2025.
The bank was also asked to provide details of unclaimed dividends and dormant accounts by June 30 and to transfer qualifying funds within 14 days.
Despite these directives, lawmakers say Cardoso has neither complied nor appeared before them to explain his refusal.
The committees emphasised that their demands are backed by the 1999 Constitution and House Standing Rules, and that their aim is to ensure transparency in the handling of public resources.