For his refusal to honour several invitations and comply with resolutions concerning the Fiscal Responsibility Act 2007 and the Finance Act 2020, the House of Representatives Joint Committees on Public Accounts and Public Assets have threatened to issue an arrest warrant for the Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso.
The committees in a joint statement issued this Friday (25/7/25), the chairmen of the committees, Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets), alleged that the apex bank Boss repeatedly disregarded for legislative summons and resolutions.
They made it clear the committees had no other choice than exercising its constitutional powers to force his appearance.
The lawmakers argued that their threat to issue a warrant is anchored in the 1999 Constitution (as amended) and the Standing Rules of the House, aimed at promoting accountability in the management of public finances.
While explaining further, the committees referenced a report by the Auditor-General for the Federation, which identified a backlog of ₦5.2 trillion in unpaid operating surplus owed by the CBN to the Federal Government between 2016 and 2022, findings that were corroborated by the Fiscal Responsibility Commission, which submitted a similar position to the National Assembly.
Along the line the Lawmakers had invoked provisions of the Finance Act 2020, which mandate that unclaimed dividends and dormant bank account balances—older than six years—be transferred to an Unclaimed Funds Trust Fund, managed by a governing council headed by the Minister of Finance and the Debt Management Office.
Recall, despite the legal opinion of the Attorney-General of the Federation, which confirmed the Finance Act 2020 as the governing legislation on the matter, the CBN has continued to assert that the Financial Institutions Act 2020 grants it authority over dormant accounts—a stance the committee rejected as baseless.
Following multiple engagements with stakeholders, the joint committee on June 27, 2025, directed the CBN to remit ₦3.64 trillion—representing 70% of the undisputed operating surplus—to the Federal Government within 14 days.
The bank was also instructed to disclose the total value of unclaimed dividends and dormant accounts by June 30, 2025, and transfer qualifying funds to the designated Trust Fund within another 14 days.
