The House of Representatives Joint Committee on Public Accounts and Public Assets has issued a stern warning to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over his continued failure to respond to legislative summons. The committee, in a statement released on Friday, threatened to invoke constitutional powers to compel his appearance, including the issuance of a warrant of arrest.

The warning was conveyed in a joint statement signed by Hon. Bamidele Salam and Hon. Ademorin Kuye, who chair the Public Accounts and Public Assets Committees respectively. The lawmakers expressed deep concern over what they described as the governor’s “consistent disregard” for invitations extended to him in relation to an ongoing investigation into financial irregularities and alleged statutory violations by the apex bank.

Allegations of Financial Misconduct

The crux of the investigation centers on alleged violations of the Fiscal Responsibility Act, 2007 and the Finance Act, 2020. Specifically, the committee is probing issues surrounding the remittance of operating surpluses by government agencies, and the management of unclaimed dividends and dormant bank account balances, which are meant to be transferred into the federal government’s coffers.

According to the committee, the Office of the Auditor General for the Federation submitted a report to the House indicating that the Central Bank, among other government-owned entities, had failed to remit a staggering ₦5.2 trillion in operating surplus owed to the Federal Government between 2016 and 2022. This report was reportedly corroborated by a separate investigation conducted by the Fiscal Responsibility Commission, which confirmed the liabilities.

Legal Provisions and CBN’s Contradictory Position

The Finance Act 2020 mandates that dividends from all listed companies that remain unclaimed for six years or longer, along with balances from dormant accounts in commercial banks, be transferred into a special Unclaimed Fund Trust Fund. This fund is legally established and governed by a council that includes the Minister of Finance, the Debt Management Office (DMO), and other key government institutions.

However, the Central Bank has consistently maintained a different interpretation of the law. The apex bank argues that under the Financial Institutions Act of 2020, it retains the legal authority to manage dormant account balances. The lawmakers have rejected this claim, pointing out that the Attorney General of the Federation and Minister of Justice had already issued a legal opinion clarifying that the Finance Act 2020 takes precedence and governs the management and control of such funds under the oversight of the designated governing council.

Demands Issued to CBN

Citing the need for transparency and compliance with federal laws, the committee has directed the CBN to remit ₦3.64 trillion, which represents 70% of the undisputed ₦5.2 trillion operating surplus, within 14 days from June 27, 2025, the date on which the directive was communicated.

In addition to the operating surplus, the CBN has also been ordered to furnish the committee with full disclosures regarding the total amounts of unclaimed dividends and dormant account balances by June 30, 2025. The committee emphasized that the Central Bank must transfer all such funds into the Unclaimed Fund Trust Fund within 14 days of receiving the directive, and also submit documented proof of the transfers to the House of Representatives.

Repeated Defiance and Threat of Arrest

Despite receiving these directives, the CBN governor has yet to comply or provide an official explanation. Furthermore, he has reportedly ignored multiple invitations to appear before the committee, thereby obstructing legislative oversight efforts.

Expressing their frustration, the joint committee stated, “Despite the clarity of our resolutions, the CBN governor has neither complied with the remittance orders nor honored our invitations to explain the lapses. This blatant disregard for legislative authority and due process cannot be tolerated.”

As a result, the committee disclosed that it is now considering invoking powers granted by the 1999 Constitution, including issuing a warrant of arrest, to compel Mr. Cardoso’s appearance.

Legal Backing and Oversight Mandate

The Nigerian Constitution and legislative guidelines empower National Assembly committees to summon any public official or entity for questioning in relation to matters under investigation. Section 88 and 89 of the 1999 Constitution specifically authorize the legislature to conduct inquiries and enforce compliance through legal means, including subpoenas and arrests when necessary.

According to the lawmakers, the CBN governor’s actions, or lack thereof, constitute a violation of these constitutional provisions, and if he continues to defy the National Assembly, they will be “left with no option but to enforce the law to its fullest extent.”

Implications for Accountability and Governance

This development highlights growing tensions between federal lawmakers and Nigeria’s top financial institutions, particularly as the country grapples with a precarious economic situation. Lawmakers argue that unremitted surpluses and unaccounted dormant funds represent a massive revenue leak at a time when the nation urgently needs resources to fund essential services, reduce debt, and stabilize the economy.

The House Joint Committee’s move underscores the National Assembly’s renewed commitment to strengthening fiscal discipline, ensuring compliance with existing financial laws, and recovering all public funds held illegally or in contravention of statutory requirements.

If the Central Bank fails to comply within the stipulated period, and the governor continues to ignore the legislative summons, the stage could be set for an unprecedented legal and constitutional showdown between the apex bank and the legislature — a clash that could reshape the boundaries of financial accountability in Nigeria.

For now, all eyes remain on the CBN’s next move, as lawmakers await compliance or prepare for escalation.