Reps threaten arrest of CBN gov over failure to remit N5.2trn
The Joint Committee of the House of Representatives, which oversees Public Accounts and Public Assets, has raised the alarm over the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, for allegedly ignoring multiple invitations to appear before them regarding fiscal compliance issues.
The committee is considering issuing a warrant for his arrest due to his continued absence.
In a statement released on Friday, co-signed by Bamidele Salam and Ademorin Kuye, the chairmen of the respective committees, it was made clear that the governor’s refusal to cooperate is prompting serious legal action.
The committee is investigating non-compliance with the Fiscal Responsibility Act 2007 and the Finance Act 2020, particularly concerning the remittance of operating surplus and the handling of unclaimed dividends and dormant account balances.
The statement highlighted that the Office of the Auditor General for the Federation reported a staggering liability of N5.2 trillion in operating surplus owed to the Federal Government for the years 2016 to 2022—a claim that was also supported by the Fiscal Responsibility Commission in a report to the National Assembly.
The Finance Act 2020 specifies that unclaimed dividends from listed companies and dormant account balances in Deposit Money Banks that have remained untouched for six years must be transferred to an Unclaimed Fund Trust Fund, governed by a council including the Minister of Finance.
“The Finance Act 2020 mandates that dividends of all listed companies in Nigeria which remained unclaimed for six years or more and balances on accounts which have been dormant for six years… shall be transferred into an established fund called Unclaimed Fund Trust Fund,” the statement noted.
Despite these clear mandates, the committee expressed frustration over the CBN’s failure to comply. They have directed the CBN to remit N3.64 trillion—70% of the undisputed unpaid operating surplus—within 14 days from June 27, 2025. Additionally, the CBN is expected to provide a comprehensive report on unclaimed dividends and dormant account balances by June 30, 2025.
The committee firmly stated, “The CBN should ensure that all unclaimed dividends and funds in the dormant accounts… are transferred to the Unclaimed Fund Trust Fund account… within 14 days.” Failure to do so, the committee warned, could compel them to invoke their constitutional powers to secure the governor’s appearance.
Source: PUNCH
