House of Reps Threaten Arrest Warrant for CBN Governor Over ₦5.2 Trillion Unremitted Funds

The House of Representatives, through its Joint Committees on Public Accounts and Public Assets, has signaled intentions to issue an arrest warrant for the Central Bank of Nigeria (CBN) Governor, Olayemi Michael Cardoso, citing his refusal to comply with invitations and directives concerning unremitted operating surplus funds totaling ₦5.2 trillion.

This staggering figure—reported by the Auditor-General for the Federation—represents the CBN’s unpaid operating surplus owed to the Federal Government for the 2016–2022 period. The Fiscal Responsibility Commission corroborated the report in a separate submission to the National Assembly.

What the Committees Demand

The committees have directed the CBN to remit ₦3.64 trillion—70% of the undisputed surplus—within 14 days following receipt of the June 27, 2025 resolution, pending reconciliation of remaining balances.

They also demanded details on unclaimed dividends and dormant accounts dating back over six years, which should be transferred into the Unclaimed Funds Trust Fund as mandated by the Finance Act 2020.

If the Governor fails to comply, the lawmakers have threatened to invoke constitutional and parliamentary powers to compel his appearance and remittance, including formally seeking an arrest warrant.

Legal Context

While the CBN maintains it operates under the Financial Institutions Act 2020 asserting control over dormant funds, the House committees argue that the Finance Act 2020 is the valid legal framework governing unclaimed funds—a position backed by the Attorney-General of the Federation’s ruling.

The House stressed that the action is rooted in constitutional provisions and House Standing Rules designed to enforce transparency and accountability in public fund management.