Reps threatened the arrest of the CBN Gov, Cardoso, more than N5.2TN surplus, funds that were not claimed

The House of Representatives has warned that it is possible to issue an arrest warrant against the Governor of the Nigerian Central Bank (CBN), Olayemi Cardoso, following its repeated failures to respect the invitation to appear before the joint committee investigating alleged violations of federal financial laws.

Cardoso is being summoned on the alleged non-compliance of Bank Apex with the Fiscal Responsibility Law, 2007, and Finance Law, 2020, specifically related to sending operating surplus money and unlawful dividend management and inactive account balances.

In a joint statement released on Friday, the Chairperson of the Public Account and Public Assets Committee, Bamidle Salam and Ademorin Kuye, expressed frustration for what they described as neglect “unrelenting” Cardoso at the invitation of the DPR.

In the heart of the dispute is N5.2 trillion reported in the operating surplus owed to the federal government for 2016 to 2022. This figure was first marked by the Auditor General’s office for the federation and independently was strengthened by the Fiscal Responsibility Commission, according to members of the parliament.

The 2020 Finance Law mandates that dividends that are not claimed to be older than six years, as well as inactive bank account balances that are not touched for the same period, are transferred to the Fund of Fund Fund that is not claimed, managed by the Government Council led by the Ministry of Finance and the Debt Management Office.

The DPR Committee noted that the Attorney General Federation, Lateef Fagbemi (SAN), issued a legal opinion that confirmed the 2020 financial law as a controller to manage the funds, contrary to the CBN claim that its authority came from the 2020 financial institution law.

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Following the submission by relevant institutions, the committee decided that CBN must send ₦ 3.64 trillion, represent 70% of the undeniable surplus of operations, within 14 days after receiving a formal letter dated June 27, 2025.

“CBN must ensure that all dividends and funds that are not claimed in an inactive account, as defined in the 2020 Financial Law, are transferred to the Rawan Fund that is not claimed within 14 days,” the committee stressed. The DPR also requested proof of compliance to be submitted.

Apart from this direction, members of the parliament noted that the Governor of CBN had failed to comply with and had not yet appeared before the panel to explain the attitude of the institution.

The Committee warned that if Cardoso continued to ignore his call, he would ask for his constitutional power under the 1999 constitution (as changed) to force his appearance.

“The rejection of the CBN Governor to be involved with the committee damaged transparency and accountability in the management of public funds. We are ready to enforce the law to ensure compliance,” the joint statement concluded.