The House of Representatives Joint Committees on Public Accounts and Public Assets has threatened to issue an arrest warrant for Central Bank of Nigeria (CBN) Governor Olayemi Cardoso over his failure to remit N3.64 trillion, part of a N5.2 trillion unremitted operating surplus from 2016 to 2022, as flagged by the Auditor-General and Fiscal Responsibility Commission.
In a statement on July 25, 2025, Committee Chairmen Bamidele Salam and Ademorin Kuye accused Cardoso of disregarding legislative summons and resolutions tied to the Fiscal Responsibility Act 2007 and Finance Act 2020, warning that non-compliance by the next invitation would trigger constitutional powers to compel his appearance.
The committees, following a June 27 resolution, ordered the CBN to transfer N3.64 trillion, 70% of the undisputed surplus, to the Federal Government within 14 days and submit details of unclaimed dividends and dormant account balances by June 30, 2025, for transfer to the Unclaimed Funds Trust Fund. Cardoso’s failure to comply or appear has escalated tensions, with lawmakers rejecting the CBN’s claim of authority over dormant accounts under the Financial Institutions Act 2020.
