House Of Representatives Threatens Arrest Of CBN Governor Over ₦5.2 Trillion Unremitted Funds.
The House of Representatives Joint Committees on Public Accounts and Public Assets have issued a 14-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, demanding the immediate remittance of ₦3.64 trillion, representing 70% of an undisputed ₦5.2 trillion in unremitted operating surplus from 2016 to 2022. Failure to comply could lead to an arrest warrant, the committees warned.
The ultimatum follows allegations that Cardoso has repeatedly ignored legislative summons and failed to comply with resolutions under the Fiscal Responsibility Act 2007 and the Finance Act 2020. Committee chairmen Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets) accused the CBN of withholding funds owed to the Federal Government, a claim backed by reports from the Auditor-General for the Federation and the Fiscal Responsibility Commission.
On 27 June 2025, the committees directed the CBN to transfer ₦3.64 trillion to the Federal Government and provide details of dormant account balances and unclaimed dividends by 30 June 2025 for transfer to the Unclaimed Funds Trust Fund, managed by the Ministry of Finance and Debt Management Office. The lawmakers dismissed the CBN’s claim that the Financial Institutions Act 2020 grants it authority over dormant accounts, asserting that the Finance Act 2020 takes precedence.
The committees condemned Cardoso’s alleged disregard for accountability, stating it undermines public trust and fiscal responsibility. The ₦5.2 trillion backlog comprises unremitted operating surpluses and unclaimed dividends accrued over six years. The lawmakers warned that non-compliance would prompt the House to invoke its constitutional powers under the 1999 Constitution and House Standing Rules to enforce action.
Tensions between the CBN and the legislature are not new. In December 2023, the House Committee on Public Petitions ordered Cardoso’s arrest, alongside the Accountant General and others, over unremitted oil sector funds, highlighting ongoing disputes. The current ultimatum expires in early August 2025, with the committees vowing to act decisively if the CBN fails to comply.
The ₦5.2 trillion figure, equivalent to approximately £2.5 billion based on recent exchange rates (1 GBP ≈ ₦2070.27 as of 24 July 2025), has sparked public outcry, with Nigerians demanding greater transparency in public fund management. As the deadline looms, the nation watches closely to see if the CBN will meet the demands or face unprecedented consequences.