The House of Representatives Joint Committee on Public Accounts and Public Assets has threatened to issue an arrest warrant against the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, over his repeated refusal to honour legislative summons.
In a joint statement signed by committee chairmen Hon. Bamidele Salam and Hon. Ademorin Kuye on Friday, the lawmakers expressed frustration over Cardoso’s consistent disregard for invitations to appear before the committee. The probe relates to the CBN’s alleged violations of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
The committee is investigating the failure to remit operating surpluses and the alleged mismanagement of unclaimed dividends and dormant account balances. According to reports from the Office of the Auditor General and corroborated by the Fiscal Responsibility Commission, about N5.2 trillion in operating surplus due to the federal government between 2016 and 2022 remains unremitted.
The lawmakers stressed that the Finance Act 2020 mandates such unclaimed funds be transferred to the Unclaimed Fund Trust Fund, managed by the Minister of Finance and the Debt Management Office (DMO). However, the CBN has insisted that the Financial Institutions Act 2020 gives it authority over dormant accounts—a position contradicted by a legal opinion from the Attorney General, affirming the supremacy of the Finance Act 2020.
Following extensive deliberations, the committee directed the CBN to remit N3.64 trillion—70% of the undisputed portion of the N5.2 trillion—within 14 days of a June 27, 2025, notice, pending final reconciliation. The apex bank was also ordered to submit a detailed breakdown of unclaimed dividends and dormant balances by June 30, and to transfer those funds into the designated trust fund within two weeks.
Despite these clear instructions, the CBN governor has failed to comply or appear before the committee, prompting lawmakers to consider invoking their constitutional powers to compel his appearance.
“In light of this continued disregard, the Committee may have no choice but to issue a warrant of arrest to ensure Mr. Cardoso appears before it,” the statement warned.
