The Joint Committee of the House of Representatives on Public Accounts and Public Assets has issued a stern warning to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, threatening to issue a warrant for his arrest over his repeated failure to honour invitations related to an ongoing investigation.
In a joint statement released on Friday and signed by the committee chairmen, Hon. Bamidele Salam and Hon. Ademorin Kuye, the lawmakers expressed deep concern over the CBN governor’s continued disregard for legislative summons.The committee is probing the non-remittance of ₦5.2 trillion in operating surplus from 2016 to 2022, as well as alleged mismanagement of unclaimed dividends and dormant account balances.
The figure was reported by the Office of the Auditor General for the Federation and corroborated by the Fiscal Responsibility Commission.According to the lawmakers, provisions in the Finance Act 2020 require that unclaimed dividends from listed companies and dormant bank account balances older than six years be transferred to the Unclaimed Fund Trust Fund, to be managed by a Governing Council led by the Minister of Finance and the Debt Management Office (DMO).
The CBN, however, insists that the Financial Institutions Act 2020 authorizes it to manage dormant balances — a claim the committee says has been invalidated by a legal opinion from the Attorney General of the Federation, affirming the Finance Act 2020 as the applicable law.
Following detailed submissions, the committee resolved that the CBN must:
Remit ₦3.64 trillion (representing 70% of the undisputed surplus) within 14 days of receiving its June 27, 2025 directive
Submit a comprehensive report on unclaimed dividends and dormant accounts by June 30, 2025
Transfer the identified funds into the Unclaimed Fund Trust Fund within 14 days
Provide documented evidence of the remittance to the HouseThe lawmakers voiced frustration that, despite repeated directives and ample time, Governor Cardoso has yet to respond or appear before the committee.
“In view of this continued defiance, the Committee will be compelled to exercise its constitutional powers to compel Mr. Olayemi Cardoso to appear before it,” the statement warned.
The development marks an escalation in the ongoing clash between the legislative arm and the apex bank over financial transparency and accountability.
