In a statement issued on Friday and jointly signed by committee chairmen Bamidele Salam and Ademorin Kuye, the lawmakers accused Cardoso of repeatedly ignoring invitations to appear before the panel

By Titilope Adako

The House of Representatives Joint Committee on Public Accounts and Public Assets has threatened to issue a warrant of arrest for the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over alleged non-remittance of N5.2tn operating surplus to the Federal Government.

In a statement issued on Friday and jointly signed by committee chairmen Bamidele Salam and Ademorin Kuye, the lawmakers accused Cardoso of repeatedly ignoring invitations to appear before the panel.

The committee is investigating alleged violations of the Fiscal Responsibility Act 2007 and the Finance Act 2020 on the remittance of operating surplus, as well as the management of unclaimed dividends and dormant account balances.

According to the statement, the Office of the Auditor General for the Federation reported a liability of N5.2tn in unremitted operating surplus for 2016–2022, a figure corroborated by the Fiscal Responsibility Commission in a separate report to the National Assembly.

“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 in Deposit Money Banks, shall be transferred into an established fund called the Unclaimed Fund Trust Fund,” the statement said.

It added that the Minister of Justice and Attorney General of the Federation had confirmed that the Finance Act 2020 provides the legal framework for managing dormant account balances under the oversight of the fund’s Governing Council.

The lawmakers criticised the CBN for insisting that the Financial Institution Act of 2020 empowers it to manage dormant account balances, describing this as contrary to the law.

Following submissions from relevant stakeholders, the committee resolved that the CBN should remit N3.64tn, representing 70% of the undisputed operating surplus, within 14 days of receiving its letter dated June 27, 2025. The bank is also expected to provide details of unclaimed dividends and dormant account balances by 30th June 2025.

“The CBN should ensure that all unclaimed dividends and funds in dormant accounts, as defined by the law, are transferred to the Unclaimed Fund Trust Fund account within 14 days of the receipt of the letter, and evidence of such transfer furnished to the House,” the committee said.

The lawmakers expressed dismay that Cardoso had neither complied with their resolution nor appeared before the panel, warning that they would be “compelled to make him appear in line with the powers vested in the House by the 1999 Constitution.”

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