Reps Give CBN Governor 14-Day Ultimatum to Remit N3.64 Trillion or Face Arrest

The Joint Committees on Public Accounts and Public Assets of the House of Representatives have issued a 14-day ultimatum to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to remit N3.64 trillion to the Federal Government or risk an arrest warrant.

In a statement released on Friday, the committee chairmen, Bamidele Salam and Ademorin Kuye, accused Cardoso of repeatedly ignoring invitations and failing to comply with resolutions tied to the Fiscal Responsibility Act of 2007 and the Finance Act of 2020.

According to the Auditor-General’s report, the CBN owes the Federal Government N5.2 trillion in unremitted operating surplus from 2016 to 2022, a figure confirmed by the Fiscal Responsibility Commission (FRC). The committee also referenced provisions of the Finance Act, which mandate the transfer of unclaimed dividends and dormant account balances older than six years to the Unclaimed Funds Trust Fund, managed by the Ministry of Finance and the Debt Management Office.

Despite clear directives to remit N3.64 trillion—70% of the undisputed amount—within 14 days and to provide details of unclaimed funds by June 30, the CBN has reportedly failed to comply or appear before the committee.

“The National Assembly will not tolerate such blatant disregard. We are prepared to invoke our constitutional powers to enforce compliance,” the lawmakers warned.