The House of Representatives Public Accounts Committee has directed the Central Bank of Nigeria (CBN) to remit N3.64 trillion to the Federal Government within 14 days.
According to the committee, the amount represents 70% of an outstanding N5.2 trillion in unpaid operating surplus covering the period from 2016 to 2022.
The directive followed the appearance of top officials from the apex bank, led by Deputy Governor of Operations, Bala Bello, alongside the Minister of Finance, Wale Edun, before a joint session of the Public Accounts and Public Assets Committees on Wednesday.
During the hearing, the CBN was questioned over its failure to remit the required surplus funds and its handling of unclaimed dividends and dormant account balances.
A formal letter addressed to CBN Governor Yemi Cardoso, and signed by committee chairmen Bamidele Salam and Ademorin Aliyu, accused the bank of withholding the N5.2 trillion that rightfully belongs to the Federal Government.
The letter is 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.”
The letter read, “Further to your appearance before the Joint Committee on Wednesday, 25th June 2025, on the above subject matter, the Committees hereby direct as follows:
“Please note that the Auditor General for the Federation, in the performance of its constitutional mandate, reported to the House of Representatives a liability of N5.2tn in operating surplus due to the Federal Government of Nigeria for the years 2016 to 2022.
“This finding is corroborated by the Fiscal Responsibility Commission in a separate report submitted to the National Assembly. This represents a clear and unacceptable violation of the provisions of the Fiscal Responsibility Act 2007 (as amended).
“In a similar vein, it is pertinent to recall that the Finance Act 2020 mandates that dividends of all listed companies in Nigeria, which have remained unclaimed for six years or more, as well as balances in accounts dormant for six years in Deposit Money Banks, shall be transferred to an established fund known as the Unclaimed Funds Trust Fund.
“This fund is to be administered by a Governing Council comprising the Honourable Minister of Finance, the Debt Management Office, and other relevant bodies.
“The Honourable Minister of Justice and Attorney General of the Federation, via a legal opinion, confirmed that the Finance Act 2020 is the relevant law governing the control and management of dormant account balances under the oversight of the Governing Council. This contradicts the CBN’s position that the Banks and Other Financial Institutions Act 2020 grants it the authority to manage and control dormant account balances.”
Consequently, the Committee urged CBN to “Remit the sum of N3.64tn to the Federal Government, being 70% of the N5.2tn in unpaid operating surplus, within 14 days from the date of receipt of this letter. This directive stands pending the final reconciliation of figures by all parties involved.
“The CBN shall furnish the Joint Committee with the total value of unclaimed dividends and dormant account balances on or before June 30, 2025.
“The CBN shall ensure that all unclaimed dividends and dormant account balances, as defined above, are transferred to the Unclaimed Funds Trust Fund account within 14 days of receipt of this letter.
“The evidence of compliance and remittance must be submitted to the Committee Secretariat, located at Hearing Room 4, White House, House of Representatives Old Building, National Assembly Complex, Abuja, no later than Monday, July 14, 2025.”
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