The House of Representatives has threatened to arrest the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for repeatedly ignoring its invitations.
Cardoso is under fire for failing to appear before a joint committee investigating the CBN’s handling of unremitted operating surpluses and dormant account funds. The lawmakers are examining the bank’s alleged failure to remit N5.2 trillion owed to the Federal Government between 2016 and 2022, a figure flagged by both the Office of the Auditor General and the Fiscal Responsibility Commission.
In a statement signed by committee chairmen Bamidele Salam and Ademorin Kuye, the House expressed frustration over Cardoso’s absence, warning that it may invoke its constitutional powers to compel his appearance.
The panel has demanded that the CBN pay N3.64 trillion — representing 70% of the total unremitted surplus — within 14 days of receiving a formal request dated June 27, 2025. The bank is also expected to provide details of all dormant account balances and unclaimed dividends by June 30, 2025.
Lawmakers reminded the CBN of the Finance Act 2020, which mandates the transfer of unclaimed dividends and funds in dormant accounts to the Unclaimed Funds Trust Fund, overseen by the Ministry of Finance and the Debt Management Office.
The House also rejected the CBN’s position that the Financial Institutions Act gives it control over such funds, citing a legal opinion from the Attorney General that affirms the Finance Act as the appropriate law.
The committee stressed that the CBN’s continued refusal to cooperate could force the House to take legal action.
