The House of Representatives Joint Committees on Public Accounts and Public Assets have issued a stern warning that they may invoke their constitutional powers to order the arrest of Central Bank of Nigeria (CBN) Governor, Olayemi Michael Cardoso, over his failure to honour multiple invitations by the National Assembly.
The threat, issued in a joint statement on Friday by the Chairmen of the committees—Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets)—follows what they described as the apex bank chief’s persistent disregard for legislative summons and resolutions relating to the Fiscal Responsibility Act 2007 and the Finance Act 2020.
According to the lawmakers, the CBN has failed to account for a backlog of ₦5.2 trillion in operating surplus owed to the Federal Government between 2016 and 2022, as flagged in a report by the Auditor-General for the Federation. The findings were further supported by submissions from the Fiscal Responsibility Commission.
The joint committee also raised concerns over the CBN’s alleged refusal to implement provisions of the Finance Act 2020, which stipulates that unclaimed dividends and dormant bank balances exceeding six years be transferred to an Unclaimed Funds Trust Fund. The fund is to be overseen by a governing council chaired by the Minister of Finance in collaboration with the Debt Management Office.
Despite a legal opinion from the Attorney-General of the Federation affirming the Finance Act 2020 as the operative law on the matter, the CBN continues to insist that the Financial Institutions Act 2020 grants it authority over dormant accounts—an argument the lawmakers dismissed as “baseless.”
Following extensive consultations with stakeholders, the joint committee, on June 27, 2025, directed the CBN to remit ₦3.64 trillion—70% of the undisputed surplus—to the Federation Account within 14 days. It also mandated the bank to disclose the full value of unclaimed dividends and dormant accounts by June 30, 2025, and transfer eligible funds to the Unclaimed Funds Trust Fund within another 14 days.
However, the committees expressed deep dissatisfaction over the CBN Governor’s continued non-compliance and failure to appear before the National Assembly to clarify the institution’s position.
“The committee is left with no choice but to consider exercising its constitutional powers to compel his appearance,” the lawmakers stated.
They emphasized that the potential issuance of a warrant is rooted in the authority granted under the 1999 Constitution (as amended) and the Standing Rules of the House, adding that the move is aimed at enforcing accountability in the management of public finances.
