Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, may have inadvertently incurred the wrath of the House of Representatives.
In reaction, its Joint Committees on Public Accounts and Public Assets have given the apex bank boss an ultimatum to remit N3.64 trillion to the Federal government or risk the issuance of a warrant for his arrest.
Respective chairmen of both committees – Bamidele Salam and Ademorin Kuye – in a joint statement on Friday, accused Cardoso of consistently disregarding invitations and failing to comply with resolutions related to the Fiscal Responsibility Act of 2007 and the Finance Act of 2020.
The lawmakers stated that, according to the Auditor-General’s report, the Central Bank of Nigeria owes the Federal government N5.2 trillion in unpaid operating surplus from 2016 to 2022 – a claim that is backed by the Fiscal Responsibility Commission (FRC).
Citing provisions in the Finance Act, the committee pointed out that unclaimed dividends and dormant account balances exceeding six years are required to be transferred to the Unclaimed Funds Trust Fund, which is administered by the Ministry of Finance and the Debt Management Office.
Despite being directed to remit N3.64 trillion representing 70% of the undisputed amount within 14 days and to submit 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 this level of disregard. We are ready to invoke constitutional powers to enforce compliance,” the lawmakers stated.