Reps Threaten CBN Governor with Arrest over N3.64trn Surplus

The House of Representatives has given Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, a 14-day ultimatum to remit ₦3.64trn in operating surplus to the Federal Government or face the issuance of a warrant for his arrest.

The ultimatum was issued by the Joint Committees on Public Accounts and Public Assets, whose chairmen, Bamidele Salam and Ademorin Kuye, accused Cardoso of disregarding official invitations and failing to comply with legislative resolutions tied to the Fiscal Responsibility Act (2007) and Finance Act (2020). Lawmakers referenced the Auditor-General’s report and the Fiscal Responsibility Commission (FRC), which both indicate that the CBN owes ₦5.2trn in unremitted operating surplus for the period of 2016 to 2022.

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Under the Finance Act 2020, unclaimed dividends and balances in dormant bank accounts exceeding six years are mandated to be transferred to the Unclaimed Funds Trust Fund, managed by the Ministry of Finance and the Debt Management Office. Despite a directive to remit 70% of the undisputed sum (₦3.64trn) within 14 days and provide details of unclaimed funds by June 30, the CBN has allegedly not complied or appeared before the legislative committee.

Lawmakers have warned that continued defiance will result in invoking constitutional powers to enforce compliance, including a possible arrest warrant, stressing that such disregard undermines public accountability and fiscal discipline.