The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, faces a possible arrest as the House of Representatives Joint Committee on Public Accounts and Public Assets moves against him for ignoring multiple invitations to explain the non-remittance of over N5.2 trillion in operating surplus.
This development came after a statement was issued on Friday by the Chairmen of the Committees, Bamidele Salam and Ademorin Kuye, who declared that Cardoso’s consistent refusal to appear before the lawmakers may lead to the issuance of a warrant of arrest.
Lawmakers Demand Full Compliance With Finance Act
The lawmakers revealed that the Office of the Auditor General for the Federation reported the outstanding N5.2tn operating surplus covering 2016 to 2022. This report was supported by another submission from the Fiscal Responsibility Commission, confirming the CBN’s outstanding liabilities to the Federal Government.
The joint committee also accused the apex bank of flouting the Finance Act 2020, which mandates the transfer of unclaimed dividends and dormant bank balances into a special Unclaimed Fund Trust Fund under the supervision of the Governing Council led by the Finance Ministry and Debt Management Office.
They argued that the CBN’s claim to sole authority based on the Financial Institution Act was rejected by a legal opinion from the Minister of Justice and Attorney General of the Federation, who reaffirmed that the Finance Act 2020 is the applicable law.
Reps Committee Gives CBN 14-Day Ultimatum
According to the joint committee, “The Central Bank of Nigeria should remit the sum of N3.64 trillion, being 70% of the undisputed operating surplus within 14 days starting from June 27, 2025,” pending full reconciliation of all disputed amounts.
They further ordered the CBN to submit the total amount of unclaimed dividends and dormant balances by June 30, 2025, and transfer all such funds into the Unclaimed Fund Trust Fund as required by law.
“The CBN should ensure that all unclaimed dividends and funds in the dormant accounts balances… are transferred within 14 days of receipt of the letter, and receipt of the transfer be furnished to the House,” the committee stated.
When Will CBN Be Free From Controversies?
This situation raises deeper concerns about the transparency of Nigeria’s apex bank. After years of controversy surrounding Godwin Emefiele’s tenure as CBN Governor, many Nigerians hoped for a clean slate with Cardoso. But now, fresh allegations of non-compliance and withheld funds are surfacing again.
During Emefiele’s time, the CBN was heavily criticised over missing funds, poor communication, and monetary policies that caused hardship for businesses and citizens. His administration was later embroiled in a web of legal, financial, and political issues that remain under scrutiny.
With Cardoso now also facing serious accountability questions, the public is asking: When will Nigeria have a CBN Governor who can lead without controversy? Will the apex bank ever operate with transparency and full respect for the law?
CBN Governor Faces Arrest Threat Over N5.2tn
The CBN Governor’s refusal to honour repeated invitations from the National Assembly has escalated tensions between lawmakers and the apex bank. With N5.2tn in public funds at stake, and questions over the handling of dormant accounts and unclaimed dividends, pressure continues to mount on Cardoso to comply with the Finance Act 2020.
The unresolved shadow of the past under Emefiele casts a long doubt on the present. The demand for accountability in Nigeria’s financial system is louder than ever. The CBN Governor faces arrest threat and the nation demands answers.
