Tensions are escalating between Nigeria’s legislative arm and the apex financial authority as the House of Representatives has threatened to issue a warrant of arrest for Central Bank Governor, Mr. Olayemi Cardoso, over his repeated failure to honour summons regarding a probe into missing operating surplus and unclaimed funds.
In a strongly worded joint statement released Friday, August 1, 2025, the Chairmen of the Public Accounts and Public Assets Committees, Hon. Bamidele Salam and Hon. Ademorin Kuye, condemned Cardoso’s consistent absence and non-responsiveness to multiple invitations.
At the centre of the dispute is a staggering ₦5.2 trillion in unremitted operating surplus reportedly owed by the CBN to the federal government, as flagged by the Office of the Auditor General and confirmed by the Fiscal Responsibility Commission. The lawmakers allege that the CBN has failed to comply with critical provisions of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
The probe also involves unclaimed dividends and dormant account balances, which by law should be transferred to the Unclaimed Fund Trust Fund, managed by a Governing Council chaired by the Minister of Finance and the DMO. The CBN, however, insists that the Financial Institutions Act 2020 authorizes it to retain control over such funds, a position countered by a legal opinion from the Attorney General of the Federation, affirming that the Finance Act remains supreme.
In a directive issued on June 27, 2025, the committee ordered the CBN to remit ₦3.64 trillion (70% of the undisputed surplus amount) within 14 days, and to provide a full report and transfer of all unclaimed dividends and dormant balances by June 30, 2025. Weeks later, there has been no response from the CBN or its governor.
“In view of this continued defiance, the Committee will be compelled to exercise its constitutional powers to compel Mr. Olayemi Cardoso to appear before it,” the lawmakers warned.
With tensions mounting and accountability demands growing louder, the standoff between the National Assembly and the apex bank threatens to spiral into a full-blown constitutional showdown.
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