The House of Representatives has directed the Central Bank of Nigeria (CBN) to remit N3.64 trillion, representing 70% of the apex bank’s N5.2 trillion outstanding operating surplus from 2016 to 2022, to the Federation Account within 14 days,.
The lower legislative chamber’s directive was given on Friday after a hearing of the report by the House Joint Committee on Public Accounts and Public Assets.
During the session, the Central Bank of Nigeria (CBN) team, led by the Deputy Governor, Operations, Bala Mohammed Bello, featured alongside the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun,
The legislators queried the apex bank’s board and management over what they termed the bank’s failure to remit surplus revenues and its handling of unclaimed dividends and dormant account balances.
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Following elaborate debate on the committee’s report, the Joint Committee sent a formal letter signed by the Chairman of the Public Accounts Committee, Hon. Bamidele Salam, and Chairman of the Public Assets Committee, Hon. Kuye Ademorin Aliyu, to the CBN Governor, Mr. Olayemi Cardoso.
The letter titled “Investigation of Non-Compliance with Fiscal Responsibility Act 2007 and Finance Act 2020 on the Remittance of Operating Surplus and Management of Unclaimed Dividends and Dormant Account Balances by the Central Bank of Nigeria,” accused the apex bank of violating federal financial regulations.
The Committees cited reports by the Auditor-General for the Federation and the Fiscal Responsibility Commission, both of which confirmed that the CBN had withheld N5.2 trillion and failed to remit the amount to the Federal Account.
The lawmakers described the act as a clear and unacceptable violation of the Fiscal Responsibility Act 2007.
In addition, they flawed the CBN’s position on the control of dormant accounts, stressing that the Finance Act 2020 vests authority over such accounts in the Unclaimed Funds Trust Fund, administered by a Governing Council that includes the Ministry of Finance and the Debt Management Office.
Citing a legal opinion from the Attorney-General of the Federation to justify their position, the Committees noted that the Finance Act superseded the CBN’s reliance on the Banks and Other Financial Institutions Act (BOFIA) 2020 in matters concerning dormant funds.
Following their findings, the Joint Committees issued four key directives.
They directed: “CBN must remit N3.64 trillion—70% of the identified N5.2 trillion in unremitted surplus—to the Federal Government within 14 days of receiving the letter, pending final reconciliation of the total amount.
“CBN must disclose the total value of unclaimed dividends and dormant account balances by June 30, 2025.
“CBN must transfer all qualified unclaimed dividends and dormant account balances to the Unclaimed Funds Trust Fund within 14 days.
“Evidence of compliance and remittance must be submitted to the Committee Secretariat at Hearing Room 4, White House, House of Representatives Old Building, National Assembly Complex, no later than Monday, July 14, 2025”, the committees added
To forestall similar situations in the public finance system, the lawmakers promised to ensure the strict enforcement of the Whole House resolutions and by so doing, ensure transparency and fiscal discipline in the management of public funds in the country.
