THE House of Representatives Joint Committees on Public Accounts and Public Assets have issued a stern warning to the Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, over his repeated failure to honour their invitations and comply with statutory financial directives.
In a joint statement released Friday made available to News Point Nigeria, Hon. Bamidele Salam (Chairman, Public Accounts Committee) and Hon. Ademorin Kuye (Chairman, Public Assets Committee) revealed that the National Assembly may resort to invoking its constitutional powers to issue a warrant of arrest against the apex bank chief.
“The continued disregard for lawful invitations and refusal to implement resolutions of the National Assembly is unacceptable. We may have no choice but to explore the next legal step to compel his compliance,” the lawmakers said.
At the heart of the impasse is the ₦5.2 trillion in unpaid operating surplus reportedly owed to the Federal Government by the CBN from 2016 to 2022.
The figure was revealed in the report of the Auditor-General for the Federation and corroborated by the Fiscal Responsibility Commission during submissions to the committees.
The lawmakers cited provisions of the Fiscal Responsibility Act 2007 and the Finance Act 2020, which mandate federal agencies, including the CBN, to remit a portion of their operating surplus to the Consolidated Revenue Fund.
Additionally, the Finance Act mandates that unclaimed dividends and dormant account balances (untouched for six years or more) be transferred into the Unclaimed Funds Trust Fund, managed by the Minister of Finance and the Debt Management Office (DMO).
Despite a resolution issued on June 27, 2025, directing the CBN to remit ₦3.64 trillion—equivalent to 70% of the undisputed amount—within 14 days, the central bank has neither complied nor provided the required breakdown of dormant accounts and unclaimed dividends by the June 30 deadline.
The joint committee also highlighted a legal opinion from the Attorney-General of the Federation, affirming the Finance Act 2020 as the governing law on the management of such funds contradicting the CBN’s stance that the Financial Institutions Act 2020 gives it sole authority over dormant accounts.
“The CBN has failed to remit the required funds or appear before the National Assembly to explain its actions. This is a breach of the Finance Act and a challenge to legislative oversight,” the statement added.
The House committees emphasized that their actions are rooted in the 1999 Constitution (as amended) and the Standing Orders of the House of Representatives, both of which empower the National Assembly to hold public institutions accountable for the management of public resources.
They warned that continued defiance from the apex bank may result in coercive action, including the issuance of an arrest warrant against the CBN governor.
“Our goal is not confrontation, but transparency. Institutions must respect the rule of law and comply with financial accountability provisions. The Nigerian people deserve no less,” the lawmakers concluded.