The House of Representatives has issued a stern warning to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over the alleged non-remittance of ₦5.2 trillion in operating surplus to the Federal Government.
The warning, which came during an investigative hearing by the Joint Committees on Public Accounts and Public Assets, follows the CBN’s repeated failure to honour invitations and submit critical documents related to the funds. Lawmakers expressed frustration at what they described as the apex bank’s disregard for legislative oversight.
According to findings from the Office of the Auditor-General for the Federation and the Fiscal Responsibility Commission, the unremitted funds span from 2016 to 2022. The committees noted that the CBN’s failure to remit the surplus violates provisions of the Fiscal Responsibility Act, 2007, and the Finance Act, 2020, which require government agencies to pay a portion of their operating surplus into the nation’s Consolidated Revenue Fund.
At the session, the lawmakers accused the CBN of obstructing the investigation and warned that the National Assembly could resort to constitutional measures, including issuing a warrant of arrest, if the governor continues to ignore its summons. They stressed that accountability must be upheld, and no institution is above the law.
Committee chairmen Hon. Bamidele Salam and Hon. Ademorin Kuye affirmed the House’s readiness to take legal action to compel compliance and ensure proper management of public resources.
As of press time, the CBN had not issued an official response to the lawmakers’ threat. However, the development highlights increasing legislative scrutiny of financial institutions and a renewed push for transparency in the management of public funds.
