Olayemi Cardoso, Wale Edun Summoned Over Unremitted Surpluses, Audit Violations

Olayemi Cardoso and Wale Edun have been summoned over unremitted surpluses and audit violations.

 

NewsOnline Nigeria reports that the House of Representatives Joint Committees on Public Accounts and Public Assets have summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Minister of Finance, Wale Edun, over serious allegations of financial mismanagement and audit infractions.

 

The summons, scheduled for Monday, June 16, 2025, stems from findings in the 2021 audit report by the Office of the Auditor General for the Federation, which flagged major internal control lapses and breaches of the Fiscal Responsibility Act of 2007.

 

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In a joint letter signed by committee chairmen Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets), lawmakers demanded that Cardoso and Edun provide full disclosures on the remittance or lack thereof of operating surpluses to the Federation Account, as required by law.

 

“The Fiscal Responsibility Act clearly mandates all government agencies, including the CBN, to remit their operating surpluses. Continuous violations not only undermine fiscal discipline but also reduce the liquidity available for national development,” Salam stated.

 

Both the Fiscal Responsibility Commission and the Auditor General have, in multiple reports, accused key Ministries, Departments, and Agencies (MDAs), notably the CBN of failing to remit or under-remitting surpluses over the last six years.

 

Lawmakers emphasized that sufficient time had been given for reconciliation between the apex bank and the Finance Ministry, noting that the upcoming hearing is aimed at resolving longstanding discrepancies.

 

Beyond the remittance issue, the Committees are also investigating damning revelations in the audit report which allege that several publicly funded projects across the country remain incomplete or abandoned, despite being fully paid for.

 

“Projects awarded as far back as 2011 in locations like Dutse and Abeokuta were highlighted in the Auditor General’s report as either abandoned or non-functional. This is unacceptable and calls for accountability,” the statement added.

 

The hearing on June 16 is expected to be a critical moment in the legislature’s ongoing push for transparency, accountability, and adherence to financial laws by public institutions.