Reps Threaten CBN Governor with Arrest over N3.64 Trillion Remittance Delay

The Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, are facing serious heat from the House of Representatives' Joint Committees on Public Accounts and Public Assets, which on Friday issued a 14-day ultimatum to remit N3.64 trillion to the Federal Government or risk a warrant of arrest.

           

Committee Chairmen Bamidele Salam and Ademorin Kuye jointly released a statement accusing Cardoso of repeatedly snubbing invitations and disregarding legislative resolutions tied to the Finance Act of 2020 and the Fiscal Responsibility Act of 2007.

According to the lawmakers, data from the Fiscal Responsibility Commission (FRC) and a report from the Auditor-General of the Federation confirms that the CBN owes the Federal Government approximately N5.2 trillion in unremitted operating surpluses from 2016 to 2022.

Out of this, N3.64 trillion which represents 70% of the "undisputed" portion must be remitted within the 14-day window. They also revealed that under the Finance Act, unclaimed dividends and dormant account balances older than six years are to be moved into the Unclaimed Funds Trust Fund, managed by the Ministry of Finance and the Debt Management Office.

The CBN has reportedly failed to:

• Submit detailed records of unclaimed funds by the June 30 deadline

• Comply with directives to remit the owed funds

“The National Assembly will not tolerate this level of disregard. We are ready to invoke constitutional powers to enforce compliance,” the lawmakers warned.

They also stressed that Cardoso’s consistent failure to appear before the committee undermines the integrity of democratic institutions and the rule of law.

The situation signals growing tensions between Nigeria’s fiscal and monetary authorities at a time when economic accountability is under heightened scrutiny.