Abuja – The House of Representatives Joint Committee on Public Accounts and Public Assets has threatened to issue a warrant of arrest against the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over his continued refusal to appear before it.
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The committee is probing alleged non-compliance with key financial laws, including the Fiscal Responsibility Act 2007 and the Finance Act 2020, particularly in relation to the remittance of operating surpluses and management of unclaimed dividends and dormant account balances.
In a joint statement signed on Friday by the Chairmen of the two committees, Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets), the lawmakers said they were left with no choice but to consider arresting the CBN governor after he persistently ignored multiple invitations to appear before the joint panel.
According to the statement, the Office of the Auditor General for the Federation reported that the sum of N5.2 trillion in operating surplus was owed to the Federal Government by various agencies between 2016 and 2022 — a figure that was also corroborated by the Fiscal Responsibility Commission.
The Finance Act 2020, the lawmakers noted, mandates that unclaimed dividends older than six years and dormant account balances be transferred to a special account known as the Unclaimed Fund Trust Fund, to be managed by a Governing Council comprising the Minister of Finance, the Debt Management Office, and other relevant authorities.
The committee further revealed that the Attorney General of the Federation had confirmed via legal opinion that the Finance Act 2020 is the valid law governing such funds, contrary to the CBN’s position citing the Financial Institutions Act 2020.
Based on stakeholder submissions, the Joint Committee directed the Central Bank to remit N3.64 trillion — representing 70% of the undisputed N5.2 trillion — to the Federal Government within 14 days from the date of its letter (June 27, 2025). It also mandated the apex bank to provide a detailed account of all unclaimed dividends and dormant balances by June 30, 2025.
Additionally, the CBN is expected to transfer all such funds into the Unclaimed Fund Trust Fund within 14 days and furnish evidence of compliance to the House.
However, the lawmakers expressed disappointment that the CBN governor has not only failed to comply with these resolutions but has also refused to appear before the panel to explain the delay.
“Despite the unambiguous resolution, the CBN governor has failed to comply and refused to appear before the committee,” the statement read. “We are now compelled to consider invoking our constitutional powers to ensure his appearance.”
The Committee insists that it is determined to uphold transparency and accountability in the management of public resources and will not hesitate to act within the full ambit of the law.
