The Joint Committee of the House of Representatives on Public Accounts and Public Assets has issued a stern warning that it may soon deploy its constitutional powers to order the arrest of the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over his repeated failure to honour several invitations related to a high-profile financial investigation.
According to a joint statement released on Friday, signed by Hon. Bamidele Salam and Hon. Ademorin Kuye—Chairmen of the Public Accounts and Public Assets Committees—Mr. Cardoso’s consistent absence from the hearings represents a clear disregard for legislative oversight and accountability processes within the government.
The committee is currently probing allegations of non-compliance with key financial laws, particularly the Fiscal Responsibility Act of 2007 and the Finance Act of 2020. At the heart of the investigation is a staggering N5.2 trillion in unremitted operating surplus reportedly owed to the federal government between 2016 and 2022.
This figure was first flagged by the Office of the Auditor General for the Federation and later validated by an independent submission from the Fiscal Responsibility Commission to the National Assembly.
The lawmakers are also scrutinizing the alleged mismanagement of unclaimed dividends and dormant bank account balances. These are funds which, under the Finance Act 2020, should have been transferred into the Unclaimed Fund Trust Fund—a legally established account managed by a Governing Council chaired by the Minister of Finance and coordinated by the Debt Management Office (DMO).
However, the CBN has contested this, arguing that the Financial Institutions Act 2020 grants the apex bank authority to manage dormant account balances. In contrast, the committee maintains that the Attorney General of the Federation has already issued a legal opinion affirming the primacy of the Finance Act 2020 in governing these funds.
Following a thorough review and deliberation, the committee resolved that the CBN must immediately remit a minimum of N3.64 trillion—equivalent to 70% of the confirmed N5.2 trillion surplus—within 14 days from the date of the directive issued on June 27, 2025. This directive is to remain in place pending the conclusion of a final reconciliation on the remaining disputed balance.
In addition, the CBN was instructed to submit a comprehensive report detailing all unclaimed dividends and dormant account balances by no later than June 30, 2025. The bank was also ordered to transfer all relevant funds into the Unclaimed Fund Trust Fund and submit verifiable proof of compliance to the committee within a 14-day timeframe.
Despite these directives and the time allotted for compliance, the lawmakers expressed strong frustration over the CBN governor’s failure to appear before the committee or communicate his position formally. This continued absence, they say, hampers legislative efforts to enforce transparency and fiscal accountability.
“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, signaling the possibility of a formal arrest warrant if the governor does not comply soon.