Reps Give CBN 14-Day Ultimatum To Remit N3.64trn Operating Surplus To FG
•By Admin
ABUJA – The House of Representatives has handed the Central Bank of Nigeria (CBN) a 14-day ultimatum to remit N3.64 trillion to the Federal Government. This figure represents 70 percent of an outstanding N5.2 trillion in unremitted operating surplus for the period spanning 2016 to 2022.
The resolution was reached after a high-level investigative session held on June 25, 2025. During the session, the Deputy Governor of the CBN in charge of Operations, Dr. Bala Mohammed Bello, and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, appeared before a Joint Committee comprising the House Committees on Public Accounts and Public Assets.
Lawmakers used the opportunity to question the apex bank over its prolonged non-compliance with remittance obligations as stipulated by law. The Committees also interrogated the bank’s role in managing unclaimed dividends and dormant account balances in the nation’s financial system.
A formal letter addressed to the CBN Governor, jointly signed by the Chairman of the Public Accounts Committee, Rep. Bamidele Salam, and the Chairman of the Public Assets Committee, Rep. Kuye Ademorin Aliyu, directly accused the CBN of withholding N5.2 trillion that rightly belongs to the Federal Government.
The correspondence, 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,” referenced findings by both the Auditor General for the Federation and the Fiscal Responsibility Commission. These reports independently confirmed the liability and faulted the bank’s failure to comply with statutory provisions.
According to the Committees, the non-remittance of such a substantial amount constitutes a grave violation of the Fiscal Responsibility Act 2007. They further drew attention to provisions in the Finance Act 2020, which mandate that dividends unclaimed for six years or more, as well as balances in dormant bank accounts exceeding six years, be transferred to a designated account called the Unclaimed Funds Trust Fund.
The Trust Fund, as the lawmakers pointed out, is to be administered by a Governing Council comprising the Minister of Finance, the Debt Management Office, and other relevant institutions. This position was further backed by a legal opinion from the Honourable Attorney General of the Federation, who affirmed that the Finance Act 2020 remains the binding legal framework for handling dormant financial assets. This directly contradicts the CBN’s argument that the Banks and Other Financial Institutions Act (BOFIA) 2020 gives it the mandate to manage such funds.
In light of the findings and ongoing discrepancies, the Committees directed the CBN to remit the sum of N3.64 trillion to the Federal Government within 14 days of receiving the directive. They also instructed the bank to submit a detailed breakdown of all unclaimed dividends and dormant account balances to the Joint Committee no later than June 30, 2025.
Furthermore, the CBN has been mandated to transfer all qualifying unclaimed dividends and dormant balances to the Unclaimed Funds Trust Fund within the same 14-day window. To ensure compliance, the bank is expected to provide documented evidence of all remittances and actions taken to the Committee Secretariat located at Hearing Room 4, White House, House of Representatives Old Building, National Assembly Complex, Abuja, by Monday, July 14, 2025.
This resolution marks a decisive move by the National Assembly to reinforce fiscal discipline across public institutions and recover funds owed to the national treasury.
•INDEPENDENTNG.