HOUSE OF REPS THREATENS ARREST OF CBN GOVERNOR OVER N5.2 TRILLION UNREMITTED FUNDS

Tension Builds Between Legislature and Apex Bank Over Financial Management

The House of Representatives Joint Committee on Public Accounts and Public Assets has threatened to issue a warrant of arrest against Central Bank of Nigeria Governor, Olayemi Cardoso, over unremitted funds amounting to N5.2 trillion. This decision follows Cardoso's repeated refusal to attend committee hearings to explain the CBN's non-compliance with the Fiscal Responsibility Act 2007 and the Finance Act 2020.

The committee claims the CBN is supposed to remit N3.64 trillion, representing 70% of the undisputed operating surplus, within 14 days from June 27, 2025. Additionally, the CBN is required to submit details of total unclaimed dividends and dormant account balances to the committee by June 30, 2025, and transfer these funds to the Unclaimed Fund Trust Fund.

The alleged unremitted funds amount to N5.2 trillion in operating surplus due to the Federal Government for the years 2016 to 2022. The CBN's non-compliance with the Finance Act 2020 has sparked tension between the House of Representatives and the apex bank.

The committee's threat to issue a warrant of arrest against the CBN Governor is a serious development that highlights the ongoing struggle for financial accountability in Nigeria. The CBN's refusal to remit operating surpluses and manage unclaimed dividends and dormant account balances according to the law has raised concerns about the bank's commitment to transparency and good governance.

The deadline for compliance is imminent, with the CBN required to remit N3.64 trillion within 14 days from June 27, 2025, and submit details of unclaimed dividends and dormant account balances by June 30, 2025. The House of Representatives has made it clear that it will not tolerate any further non-compliance from the CBN.

The outcome of this standoff remains to be seen, but one thing is certain - the relationship between the House of Representatives and the CBN has been strained further. The nation watches with bated breath as this drama unfolds.

The House of Representatives has vowed to take all necessary steps to ensure compliance with the law and protect the nation's finances.