Why Reps Threaten CBN Governor 'Olayemi Cardoso' with Arrest?

.... House of Reps Issues 14-Day Ultimatum to CBN Governor to Remit N3.64trn or Face Arrest Warrant

In a major showdown that has thrown Nigeria's financial accountability into sharp focus, the Joint Committees on Public Accounts and Public Assets of the House of Representatives have issued a stern 14-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to remit N3.64 trillion in unremitted operating surplus or face a legislative arrest warrant.

The lawmakers made their position clear in a statement released on Friday, jointly signed by the Chairmen of the two committees-Rep. Bamidele Salam and Rep. Ademorin Kuye-who accused the CBN Governor of consistently ignoring official invitations and violating critical financial laws.

According to the lawmakers, the action follows a damning report by the Office of the Auditor-General for the Federation, which revealed that the CBN has failed to remit a staggering N5.2 trillion in operating surplus owed to the Federal Government between 2016 and 2022. The figure, they noted, was also affirmed by the Fiscal Responsibility Commission (FRC).

While the National Assembly directed the apex bank to remit N3.64 trillion-representing 70% of the undisputed amount-within 14 days, and to submit a detailed list of all unclaimed funds by June 30, the lawmakers say the CBN under Cardoso's leadership has remained defiant.

"We are prepared to invoke the constitutional powers vested in the National Assembly to compel compliance,ÔÇØ the statement read.

The joint committee emphasized that under the Fiscal Responsibility Act of 2007 and the Finance Act of 2020, the CBN is mandated to remit its operating surplus to the government and also transfer all unclaimed dividends and dormant balances (older than six years) to the Unclaimed Funds Trust Fund managed by the Ministry of Finance and the Debt Management Office.

This standoff marks a growing tension between Nigeria's legislative and financial regulatory arms, as lawmakers insist they will not tolerate a lack of transparency and disregard for due process from public institutions.

The fate of CBN Governor Cardoso now hangs in the balance as the deadline draws near-and a historic legal face-off looms if the CBN continues to ignore the National Assembly's directives.