Reps has threatened to issue arrest warrant for CBN Governor, Olayemi Cardoso over ₦5.2 trillion surplus and alleged law violations.
NewsOnline Nigeria reports that the House of Representatives Joint Committees on Public Accounts and Public Assets have issued a stern warning to the Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, threatening to invoke constitutional powers to compel his appearance; including issuing a warrant of arrest over what they termed his persistent disregard for legislative summons and failure to comply with key financial laws.
Cardoso, appointed by President Bola Ahmed Tinubu in September 2023 and confirmed by the Senate the following month, is under scrutiny for allegedly failing to remit over ₦5.2 trillion in operating surplus between 2016 and 2022. This figure was flagged by the Auditor-General for the Federation and supported by findings from the Fiscal Responsibility Commission.
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In a joint statement on Friday, Hon. Bamidele Salam (Chairman, Public Accounts Committee) and Hon. Ademorin Kuye (Chairman, Public Assets Committee) expressed frustration over Cardoso’s repeated refusal to appear before the National Assembly despite his central role in what they described as “serious financial accountability violations.”
The lawmakers cited provisions of the Finance Act 2020, which mandate that unclaimed dividends and dormant balances in banks—idle for over six years—must be transferred to the Unclaimed Funds Trust Fund, managed by a governing council led by the Minister of Finance and the Debt Management Office. They noted that the CBN has continued to rely on the Financial Institutions Act 2020 to retain such funds—an interpretation rejected by the Attorney-General of the Federation, who affirmed the primacy of the Finance Act.
Following extensive consultations, the joint committee passed a resolution on June 27, 2025, ordering the CBN to remit ₦3.64 trillion—representing 70 percent of the undisputed surplus—within 14 days, pending final reconciliation of the full ₦5.2 trillion. The apex bank was also directed to submit a full account of all unclaimed dividends and dormant balances by June 30, 2025, and to transfer all qualifying funds to the Unclaimed Funds Trust Fund within a further 14-day window.
However, lawmakers say the CBN Governor has neither complied with the financial directives nor provided an explanation in person.
They warned that if Cardoso fails to honour the next invitation, the National Assembly will not hesitate to exercise its powers under the 1999 Constitution (as amended) and the Standing Orders of the House to compel his appearance — including the issuance of a warrant of arrest.
