Reps Committee Threatens Arrest Of CBN Gov Over Unremitted N5.2tn

The Joint Committee of the House of Representatives, made up of the Public Accounts and Public Assets Committees, is investigating alleged violations of the Fiscal Responsibility Act 2007 and the Finance Act 2020 concerning the remittance of operating surpluses and the management of unclaimed dividends and dormant account balances.

The committee has warned it may issue an arrest warrant for the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, due to his repeated refusal to attend committee hearings.

In a statement released on Friday and jointly signed by Bamidele Salam and Ademorin Kuye, Chairmen of the Public Accounts and Public Assets Committees, respectively, the committee said it was considering this action because the CBN Governor has consistently ignored invitations to appear before the panel.

The statement noted that the Office of the Auditor General for the Federation, fulfilling its constitutional role, reported to the House that the Federal Government is owed N5.2 trillion in operating surplus for the years 2016 to 2022. This figure was supported by a separate report from the Fiscal Responsibility Commission to the National Assembly.

“The Finance Act 2020 requires that dividends from all listed companies in Nigeria that remain unclaimed for six years or more, as well as dormant account balances in Deposit Money Banks for six years or more, be transferred to a designated Unclaimed Fund Trust Fund. This fund is overseen by a Governing Council that includes the Minister of Finance and the Debt Management Office,” the statement explained.

According to the committee, the Minister of Justice and Attorney General for the Federation confirmed through a legal opinion that the Finance Act 2020 is the governing law for managing dormant accounts via the Unclaimed Fund Trust Fund. This contradicts the CBN’s position, which claims authority under the Financial Institution Act of 2020 to control dormant account balances.

Following input from stakeholders, the Joint Committee resolved that the CBN must remit N3.64 trillion—representing 70% of the undisputed operating surplus of N5.2 trillion—within 14 days from June 27, 2025. This payment is to be made while final reconciliations of disputed amounts continue.

Additionally, the CBN is required to submit details of the total unclaimed dividends and dormant account balances to the committee by June 30, 2025. The bank must also transfer all such funds to the Unclaimed Fund Trust Fund within 14 days of receiving the letter and provide confirmation of the transfer to the House.

The committee expressed frustration that despite these clear resolutions, the CBN governor has neither complied nor appeared before the committee to justify his non-compliance. The panel emphasized that it will use the constitutional powers granted by the 1999 Constitution to compel his attendance if necessary.