Reps Threaten Arrest Warrant for CBN Governor Over ₦3.64tn Surplus Row

The House of Representatives has threatened to issue a warrant of arrest against the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for repeatedly ignoring invitations to appear before a joint committee of the House.

The joint panel, comprising the Committees on Public Accounts and Public Assets chaired by Bamidele Salam and Ademorin Kuye respectively, is probing the apex bank’s alleged non-compliance with the Fiscal Responsibility Act, 2007, and the Finance Act, 2020. The investigation is centered around the remittance of operating surpluses and the management of unclaimed dividends and dormant account balances.

In a statement signed by both chairmen on Friday, the committee said it was considering invoking its constitutional powers to compel Cardoso’s appearance, following his several shunning of summons.

According to the statement, the Office of the Auditor General of the Federation reported a ₦5.2 trillion operating surplus due from the CBN between 2016 and 2022. The Fiscal Responsibility Commission supported this claim in a separate submission to the National Assembly.

The committee directed the CBN to remit ₦3.64 trillion, 70% of the undisputed sum within 14 days of receiving a letter dated June 27, 2025. It also instructed the apex bank to disclose the total amount of unclaimed dividends and dormant account balances by June 30, 2025, and transfer them to the Unclaimed Fund Trust Fund as mandated by the Finance Act 2020.

Failure to comply, the committee warned, would force the House to exercise its constitutional power to compel the CBN governor’s appearance.