By Ikpommwosa Odigie
The Joint Committee of the House of Representatives on Public Accounts and Public Assets has threatened to issue a warrant of arrest against the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over his repeated failure to appear before the panel probing non-compliance with financial remittance laws.
In a statement released on Friday and jointly signed by the Committee Chairmen, Hon. Bamidele Salam and Hon. Ademorin Kuye, the lawmakers expressed frustration over Mr. Cardoso’s disregard for summons relating to the alleged N5.2 trillion in outstanding operating surplus owed by the CBN between 2016 and 2022.
The Office of the Auditor General for the Federation and the Fiscal Responsibility Commission had both confirmed the liability. The committee ordered the remittance of N3.64 trillion representing 70% of the undisputed amount within 14 days from June 27, 2025, pending final reconciliation.
Also, the CBN was directed to disclose and transfer unclaimed dividends and dormant bank account balances to the Unclaimed Fund Trust Fund, in line with the Finance Act 2020. This act was reaffirmed as the governing legislation by the Attorney General, contradicting the CBN’s position citing the Financial Institution Act of 2020.
