The House of Representatives Joint Committees on Public Accounts and Public Assets have threatened to issue an arrest warrant against the Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, for repeatedly shunning invitations and failing to comply with resolutions relating to the Fiscal Responsibility Act 2007 and Finance Act 2020.

In a joint statement on Friday, the chairmen of the committees—Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets)—said the committee was left with no option but to consider invoking arrest powers due to the alleged CBN Governor’s continued disregard for the National Assembly’s directives.

According to the statement, the Auditor-General for the Federation had reported a backlog of N5.2 trillion in unpaid operating surplus owed by the CBN to the Federal Government between 2016 and 2022. This position was backed by the Fiscal Responsibility Commission in a separate submission to the National Assembly.

Citing provisions of the Finance Act 2020, the lawmakers noted that dividends from listed companies that remain unclaimed for six years or more, along with dormant account balances in deposit money banks for the same period, are to be transferred into an Unclaimed Funds Trust Fund managed by a governing council led by the Minister of Finance and the Debt Management Office.

The committees further noted that the Attorney-General of the Federation had provided a legal opinion confirming the Finance Act 2020 as the relevant law governing such funds, thus, contradicting the CBN’s position that the Financial Institutions Act 2020 gives it control over dormant accounts.

The statement noted that based on stakeholders’ submissions, the joint committee directed the CBN to remit N3.64 trillion—representing 70% of the undisputed N5.2 trillion operating surplus—to the Federal Government within 14 days of receiving the resolution dated June 27, 2025, pending final reconciliation of the remaining figures.

The apex bank was also ordered to provide the total value of unclaimed dividends and dormant account balances by June 30, 2025, and to transfer all qualifying funds to the Unclaimed Funds Trust Fund within 14 days of receiving the letter.

However, the statement noted that the CBN Governor has failed to honour the resolution or appear before the committee to explain his non-compliance.

The lawmakers emphasised that their actions are in line with the 1999 Constitution (as amended) and the House Standing Rules, aimed at ensuring transparency and accountability in the management of public resources. (Daily Trust)