The Joint Committee of the House of Representatives on Public Accounts and Public Assets has threatened to issue a warrant of arrest against Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, over his repeated failure to honour its invitations regarding an ongoing probe into violations of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
In a statement signed by Hon. Bamidele Salam and Hon. Ademorin Kuye, chairmen of the respective committees, the lawmakers condemned the CBN governor’s continued refusal to respond to legislative summons. The investigation focuses on non-remittance of operating surpluses and the mismanagement of unclaimed dividends and dormant account balances. The Office of the Auditor General for the Federation reported that N5.2 trillion in operating surplus from 2016 to 2022 was not remitted to the federal government, a claim supported by the Fiscal Responsibility Commission.
According to the Finance Act 2020, unclaimed dividends from listed companies and dormant bank balances older than six years are to be transferred into the Unclaimed Fund Trust Fund, which is managed by a Governing Council headed by the Minister of Finance and the Debt Management Office. The CBN, however, insists that the Financial Institutions Act 2020 empowers it to manage dormant balances.
The committee cited a legal opinion from the Attorney General of the Federation affirming that the Finance Act 2020 remains the valid legal framework for managing these funds. As a result, the committee directed the CBN to remit N3.64 trillion—representing 70% of the uncontested N5.2 trillion operating surplus—within 14 days from June 27, 2025. A detailed report of all unclaimed dividends and dormant balances was also expected by June 30, 2025.
The CBN was instructed to transfer the unclaimed funds into the designated trust fund and provide evidence of the transaction to the House. The committee warned that Cardoso’s persistent absence and refusal to comply could lead to the invocation of constitutional powers to compel his appearance.
