Reps Threaten Arrest Warrant Against CBN Governor Over Non-Compliance

The House of Representatives Joint Committees on Public Accounts and Public Assets have threatened to issue an arrest warrant against the Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, over his repeated failure to honour invitations and comply with legislative resolutions tied to the Fiscal Responsibility Act 2007 and the Finance Act 2020.

In a statement released Friday, the committee chairmen—Hon. Bamidele Salam and Hon. Ademorin Kuye—expressed frustration at the CBN Governor’s continued disregard for the National Assembly’s directives. They warned that the legislature is now considering exercising its constitutional power to compel Cardoso’s appearance through an arrest warrant.

The committees referenced a report by the Auditor-General for the Federation indicating that the CBN owes the Federal Government a backlog of N5.2 trillion in unpaid operating surplus for the period between 2016 and 2022. The Fiscal Responsibility Commission also affirmed this figure in a separate submission.

Citing the Finance Act 2020, lawmakers underscored that dividends unclaimed for six years or more, along with dormant bank account balances of the same age, are to be transferred to an Unclaimed Funds Trust Fund. This fund is to be overseen by a governing council chaired by the Minister of Finance and coordinated by the Debt Management Office.

They also noted that the Attorney-General of the Federation had confirmed the Finance Act 2020 as the prevailing legal framework for managing such funds, directly opposing the CBN’s argument that the Financial Institutions Act 2020 grants it authority over dormant accounts.

Based on the evidence and stakeholder submissions, the committee directed the CBN to remit N3.64 trillion—representing 70% of the undisputed operating surplus—to the Federal Government within 14 days of the June 27, 2025 resolution. The bank was also instructed to disclose the total value of unclaimed dividends and dormant balances by June 30, 2025, and to transfer all eligible funds to the Unclaimed Funds Trust Fund within two weeks of receiving the directive.

Despite these instructions, the CBN Governor has yet to comply or appear before the committee to provide an explanation. Lawmakers stressed that their actions are grounded in the 1999 Constitution (as amended) and the House Standing Rules, and are aimed at reinforcing transparency and accountability in the handling of public funds.