The House of Representatives has issued a 14-day ultimatum to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to remit N3.64 trillion to the Federal Government or risk facing a warrant of arrest
The ultimatum came from the Joint Committees on Public Accounts and Public Assets, whose chairmen, Bamidele Salam and Ademorin Kuye, accused Cardoso of repeatedly ignoring invitations and failing to comply with provisions of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
According to the Auditor-General’s report, backed by the Fiscal Responsibility Commission (FRC), the CBN owes the government N5.2 trillion in unremitted operating surplus from 2016 to 2022. The lawmakers ordered the bank to pay 70% of the undisputed amount—N3.64 trillion—within two weeks and to submit full details of unclaimed funds by June 30.
They also cited legal provisions requiring unclaimed dividends and dormant account balances older than six years to be transferred to the Unclaimed Funds Trust Fund, managed by the Ministry of Finance and the Debt Management Office.
“The National Assembly will not tolerate this level of disregard. We are prepared to invoke constitutional powers to enforce compliance,” the committee warned.
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