CBN Governor Faces Possible Arrest Over N3.64 Trillion Unremitted Surplus Funds

The CBN governor, Mr. Olayemi Cardoso, is under fire from the House of Representatives, which is now threatening to issue a warrant for his arrest over N3.64 trillion in unremitted operating surplus funds.

This development comes as the House Joint Committee on Public Accounts and Public Assets investigates alleged breaches of the Fiscal Responsibility Act of 2007 and the Finance Act of 2020—particularly concerning the remittance of government revenues and the handling of unclaimed dividends and dormant account balances.

In a statement released by committee chairmen Bamidele Salam and Ademorin Kuye, lawmakers expressed frustration at Governor Cardoso’s repeated failure to honor official invitations to appear before the committee.

According to the Office of the Auditor General for the Federation, a staggering ₦5.2 trillion in operating surpluses owed to the federal government was identified between 2016 and 2022. This claim was backed by a separate report from the Fiscal Responsibility Commission.

Despite multiple requests, the CBN Governor has allegedly not complied with the following:

• Remitting ₦3.64 trillion (70% of the undisputed ₦5.2 trillion operating surplus) within 14 days of notification.
• Providing a breakdown of unclaimed dividends and balances in dormant accounts by June 30, 2025.
• Transferring these unclaimed funds into the Unclaimed Funds Trust Fund as mandated by the Finance Act 2020.

CBN’s Legal Defense vs. Government Stance

The CBN reportedly argues that the Financial Institutions Act of 2020 gives it authority over dormant accounts.

However, the Attorney General and Minister of Justice has stated that the Finance Act 2020 overrides this and places such funds under a special trust fund governed by the Ministry of Finance and the Debt Management Office.

The House committee emphasized that it may be forced to invoke constitutional powers to compel Governor Cardoso to appear, citing his continued absence as a violation of the legislature’s authority.

“Despite clear resolutions and legal backing, the CBN governor has failed to comply and continues to avoid answering to the Nigerian people,” the statement read.