Isaac Samuel
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), Olayemi Michael Cardoso, for allegedly shunning multiple invitations and failing to comply with provisions of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
The committee is probing the apex bank over the remittance of operating surplus, as well as the management of unclaimed dividends and dormant account balances.
In a statement jointly signed yesterday by the Chairmen of the committees, Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets), the lawmakers said Cardoso’s refusal to appear before the committee and his non-compliance with a House resolution had left them with no choice but to invoke their constitutional powers.
According to the lawmakers, the Auditor General for the Federation, in a report to the House, identified N5.2 trillion in operating surplus owed to the Federal Government between 2016 and 2022, a figure corroborated by the Fiscal Responsibility Commission in a separate submission to the National Assembly.
The statement also referenced the Finance Act 2020, which mandates that dividends unclaimed for six years or more, and account balances dormant for the same period in Deposit Money Banks, must be transferred to an Unclaimed Funds Trust Fund.
The Fund is to be managed by a Governing Council comprising the Minister of Finance, Debt Management Office (DMO) and other stakeholders.
The committee further noted that the Minister of Justice and Attorney General of the Federation had, in a legal opinion, affirmed the Finance Act 2020 as the governing legislation for dormant account balances, contrary to the CBN’s position that the Financial Institutions Act of 2020 empowers it to manage such funds.
Following submissions from relevant stakeholders, the committee had directed the CBN to remit N3.64 trillion, representing 70 per cent of the undisputed N5.2 trillion operating surplus —to the Federal Government within 14 days from June 27, 2025, pending reconciliation of the disputed balance.
The apex bank was also mandated to provide details of unclaimed dividends and dormant account balances by June 30, 2025, and transfer all such funds to the Unclaimed Funds Trust Fund as provided by law.
Despite the resolution, the lawmakers said Cardoso has neither complied with the directives nor appeared before the joint committee to justify his actions.
The committees stressed that they are acting within the framework of the 1999 Constitution (as amended) and the Standing Orders of the House to ensure transparency and effective utilisation of public resources, warning that failure to comply would compel them to exercise their legislative powers, including issuing a warrant for the governor’s arrest.
