The House of Representatives has issued a 14-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to remit ₦3.64 trillion to the Federal Government or face the risk of arrest.

Lawmakers Accuse CBN of Disregarding Fiscal Laws

In a statement released on Friday, Joint Committee Chairmen on Public Accounts and Public Assets, Hon. Bamidele Salam and Hon. Ademorin Kuye, accused Cardoso of ignoring multiple invitations to appear before the committee.

The lawmakers expressed frustration over his failure to comply with key provisions of the Fiscal Responsibility Act, 2007, and the Finance Act, 2020.

N5.2 Trillion Operating Surplus Reported

• According to the Auditor-General’s report, the Central Bank of Nigeria allegedly owes the Federal Government a total of ₦5.2 trillion in unremitted operating surplus from 2016 to 2022.

• This claim is supported by findings from the Fiscal Responsibility Commission (FRC).

N3.64 Trillion Directed for Immediate Remittance

The committee had directed the CBN to remit ₦3.64 trillion, which represents 70% of the undisputed sum, within 14 days, and to provide full details of unclaimed dividends and dormant account balances as required under the law.

Sectional provisions of the Finance Act mandate that such unclaimed funds exceeding six years must be transferred to the Unclaimed Funds Trust Fund, managed by the Federal Ministry of Finance and the Debt Management Office (DMO).

HEED: Follow us on Instagram or any other social media platform and get the most reliable news directly in your favorite app!

Committee Threatens Arrest Warrant

Despite an earlier deadline of June 30, 2025, for submission of required financial data, the CBN has allegedly failed to comply or appear before the National Assembly.

The lawmakers warned:

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

They stressed that failure to act within the 14 days would result in the issuance of an arrest warrant against the CBN Governor.

NaijaBlogDaily is visible on all social media platforms, bringing you the latest Nigerian news on politics, economy, entertainment, and celebrity updates. Including sports across Nigeria and beyond…

Keep visiting and following up with us on any social media platform you are using to keep you updated 💯
Remember (information brings knowledge and power).
STAY TUNED!!!