House of Reps give Cardoso 14 days or face arrest

The House of Representatives Joint Committees on Public Accounts and Public Assets have issued an ultimatum to Central Bank Governor Olayemi Cardoso to remit N3.64 trillion to the Federal Government or face an arrest warrant.

In a statement on Friday, the committee chairmen, Hon. Bamidele Salam and Hon. Ademorin Kuye, accused Cardoso of repeatedly shunning invitations and ignoring resolutions tied to the Fiscal Responsibility Act 2007 and Finance Act 2020.

According to the lawmakers, the Auditor-General’s report revealed the CBN owes the Federal Government N5.2 trillion in unpaid operating surplus from 2016 to 2022, a claim supported by the Fiscal Responsibility Commission.

Citing provisions of the Finance Act, the committee noted that unclaimed dividends and dormant account balances older than six years must be transferred to an Unclaimed Funds Trust Fund managed by the Finance Ministry and Debt Management Office.

Despite a directive to remit N3.64 trillion, which is 70% of the undisputed figure, within 14 days, and to provide details of unclaimed funds by June 30, the CBN has allegedly failed to act 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.

The committees maintain their position is backed by law, the Attorney-General’s opinion, and the 1999 Constitution.