The House of Representatives has directed the Central Bank of Nigeria (CBN) to remit N3.64 trillion to the Federal Government within 14 days, representing 70 percent of the apex bank’s N5.2 trillion outstanding operating surplus from 2016 to 2022.
This directive came after a hearing of the House Joint Committee on Public Accounts and Public Assets.
During the session, the Central Bank of Nigeria (CBN) team, headed by Deputy Governor of Operations Bala Mohammed Bello, was present along with Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Lawmakers queried the CBN extensively regarding its failure to remit surplus revenues and its handling of unclaimed dividends and dormant account balances.
Subsequently, the Joint Committee dispatched a formal letter to the CBN Governor, bearing the signatures of Rep. Bamidele Salam, Chairman of the Public Accounts Committee, and Rep. Kuye Ademorin Aliyu, Chairman of the Public Assets Committee.
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 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 owed to the Federal Government.
They described the act as a “clear and unacceptable violation” of the Fiscal Responsibility Act 2007.
The lawmakers also faulted the CBN’s stance 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.
Quoting a legal opinion from the Attorney General of the Federation, the Committees noted that the Finance Act supersedes 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:
“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.
To ensure transparency and fiscal discipline in the management of public funds, the House of Representatives pledged the strict enforcement of its resolutions.
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