Reps Give CBN Governor 14 Days to Remit N3.64 Trillion or Face Arrest

The House of Representatives Joint Committees on Public Accounts and Public Assets has issued a 14-day ultimatum to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to remit N3.64 trillion to the Federal Government or risk an arrest warrant.

In a statement released Friday, Committee Chairmen Bamidele Salam and Ademorin Kuye accused Cardoso of repeatedly ignoring invitations and failing to comply with resolutions tied to the Fiscal Responsibility Act of 2007 and the Finance Act of 2020.

Citing the Auditor-General’s report and findings from the Fiscal Responsibility Commission, lawmakers say the CBN owes the Federal Government N5.2 trillion in unpaid operating surplus between 2016 and 2022.

They also referenced the Finance Act, which mandates that unclaimed dividends and dormant accounts older than six years be moved to the Unclaimed Funds Trust Fund, overseen by the Ministry of Finance and the Debt Management Office.

Despite instructions to remit 70% of the undisputed funds—N3.64 trillion—within two weeks and submit all unclaimed fund details by June 30, the CBN has yet to comply or appear before the committee.

“The National Assembly will not tolerate this level of disregard. We are ready to invoke constitutional powers to enforce compliance,” the statement warned.