In a dramatic escalation, the House of Representatives Joint Committees on Public Accounts and Public Assets have warned that they might issue an arrest warrant for Central Bank of Nigeria (CBN) Governor Olayemi Michael Cardoso. This decision comes after Cardoso repeatedly failed to appear before the National Assembly and comply with resolutions related to the Fiscal Responsibility Act 2007 and the Finance Act 2020.
*The Background of the Dispute*
The committees, led by Hon. Bamidele Salam and Hon. Ademorin Kuye, referenced a report by the Auditor-General for the Federation, which identified a staggering ₦5.2 trillion backlog in unpaid operating surplus owed by the CBN to the Federal Government between 2016 and 2022. The Fiscal Responsibility Commission corroborated these findings, adding weight to the allegations. According to the report, the CBN has been withholding funds that are rightfully due to the Federal Government, sparking concerns about the bank's autonomy and accountability.
*The Issue of Unclaimed Funds and Dormant Accounts*
The lawmakers also cited the Finance Act 2020, which requires unclaimed dividends and dormant bank account balances older than six years to be transferred to an Unclaimed Funds Trust Fund. Despite the Attorney-General's legal opinion supporting the Finance Act 2020, the CBN has maintained that the Financial Institutions Act 2020 gives it authority over dormant accounts. The committee has rejected this stance as baseless, arguing that the CBN is trying to assert powers that are not vested in it by law.
*The Directives and Non-Compliance*
On June 27, 2025, the joint committee directed the CBN to remit ₦3.64 trillion to the Federal Government within 14 days and disclose the total value of unclaimed dividends and dormant accounts by June 30, 2025. However, Governor Cardoso has failed to comply with these resolutions or appear before the National Assembly. This non-compliance has raised concerns about the CBN's commitment to transparency and accountability.
*The Threat of Arrest Warrant*
The lawmakers stressed that their threat to issue a warrant is grounded in the 1999 Constitution (as amended) and the Standing Rules of the House, aimed at promoting accountability in public finance management. The committees are determined to hold the CBN governor accountable for his actions, and the threat of an arrest warrant is a clear indication of their resolve.
*The Implications*
The situation is escalating, and it remains to be seen how Governor Cardoso will respond to the threat of an arrest warrant. If the warrant is issued, it could have significant implications for the CBN and the Nigerian economy. The CBN's autonomy and independence might be called into question, and the bank's ability to manage the economy could be compromised. Moreover, the incident could damage the reputation of the CBN and undermine confidence in the financial system.
*The Way Forward*
As the situation unfolds, it is essential to consider the potential outcomes. Will Governor Cardoso comply with the resolutions, or will the situation lead to further confrontation? Will the House of Reps issue the arrest warrant, or will there be a negotiated settlement? The answers to these questions will have far-reaching implications for the CBN, the Federal Government, and the Nigerian economy. One thing is certain, however: the House of Reps is determined to hold the CBN governor accountable, and the CBN will have to respond accordingly.
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