Reps Order CBN to Remit N3.64tn to FG in 14 Days

By Charles Maduka

The House of Representatives Public Accounts Committee has directed the Central Bank of Nigeria to remit N3.64 trillion to the Federal Government within 14 days.

The directive follows the Committee’s review of an outstanding N5.2 trillion in unpaid operating surplus by the CBN, covering the period from 2016 to 2022.

The resolution was reached after a joint session of the Public Accounts and Public Assets Committees on Wednesday, during which the CBN’s Deputy Governor of Operations, Bala Bello, and Finance Minister, Wale Edun, appeared before the panel to address concerns over surplus remittances, unclaimed dividends, and dormant account balances.

A letter addressed to CBN Governor Yemi Cardoso and signed by the Chairmen of the two committees, Bamidele Salam and Ademorin Aliyu, accused the apex bank of violating the Fiscal Responsibility Act, 2007.

Titled “Investigation of Non-Compliance with Fiscal Responsibility Act 2007 and Finance Act 2020,” the letter referenced an Auditor General’s report confirming the liability, backed by the Fiscal Responsibility Commission.

The lawmakers also referenced the Finance Act 2020, which mandates that unclaimed dividends and balances in dormant bank accounts for six years or more be transferred to an Unclaimed Funds Trust Fund managed by a designated Governing Council.

According to the letter, “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.”

The directives issued by the committee include:

• Remittance of N3.64 trillion to the Federal Government within 14 days, pending full reconciliation.
• Submission of the total value of unclaimed dividends and dormant account balances by June 30, 2025.
• Transfer of all unclaimed dividends and dormant funds to the Unclaimed Funds Trust Fund account within 14 days.
• Presentation of compliance evidence to the Committee Secretariat at Hearing Room 4, White House, House of Representatives, by July 14, 2025.

The Committee stressed that failure to comply could lead to further legislative action.