House of Reps has ordered CBN to remit N3.64 trillion in surplus within 14 days.
Lawmakers also demand disclosure and transfer of unclaimed dividends and dormant bank balances immediately.
The House of Representatives Public Accounts Committee has issued a firm directive to the Central Bank of Nigeria (CBN) to remit N3.64 trillion to the Federal Government within 14 days. This amount, according to the committee, represents 70 percent of an outstanding N5.2 trillion in unremitted operating surplus covering the period from 2016 to 2022.
The resolution was reached following a joint investigative session held on Wednesday by the Public Accounts Committee and the Public Assets Committee. At the session, top officials from the CBN, including Deputy Governor of the Operations Directorate Bala Bello, and the Minister of Finance, Wale Edun, appeared before lawmakers to provide explanations regarding the bank’s financial management practices.
During the session, committee members questioned the apex bank over its failure to remit surplus operating funds, as required by law, and also demanded clarity on the management of unclaimed dividends and balances in dormant bank accounts. Lawmakers expressed dissatisfaction with the explanations offered and accused the CBN of violating federal financial regulations.
In a formal letter addressed to the CBN Governor, Yemi Cardoso, the committee leaders, Hon. Bamidele Salam and Hon. Ademorin Aliyu, stated that the CBN was in breach of its obligations under the Fiscal Responsibility Act 2007. 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,” detailed the committee’s findings and directives.
The letter reads in part, “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 N5.2 trillion in operating surplus due to the Federal Government of Nigeria for the years 2016 to 2022.”
The committee noted that this finding was also backed by a separate report submitted by the Fiscal Responsibility Commission to the National Assembly. Lawmakers stated that this situation clearly amounts to an unacceptable violation of financial laws that require all government agencies, including the CBN, to remit their operating surplus to the Federation Account.
In addition to the surplus issue, the committee cited provisions of the Finance Act 2020, which require that all unclaimed dividends in publicly listed companies that have remained unclaimed for six years or more, along with dormant balances in bank accounts for the same period, should be paid into a dedicated fund known as the Unclaimed Funds Trust Fund.
This fund is to be managed by a Governing Council comprising the Minister of Finance, the Debt Management Office, and other relevant institutions. The Attorney General of the Federation had earlier provided a legal opinion confirming that the Finance Act 2020, not the Banks and Other Financial Institutions Act 2020, governs the handling of these dormant balances.
As a result, the committee directed the CBN to take specific actions. First, it must remit N3.64 trillion, being 70 percent of the disputed N5.2 trillion, within 14 days of receiving the letter. Second, it must provide the total value of unclaimed dividends and dormant bank account balances on or before June 30, 2025.
Furthermore, the CBN is required to transfer all qualifying unclaimed funds into the Unclaimed Funds Trust Fund within the same 14-day period. The committee instructed that proof of compliance and evidence of the remittance must be submitted to its Secretariat at the National Assembly by Monday, July 14, 2025.
The committee emphasized that this directive remains in place pending a full reconciliation of figures among all relevant stakeholders.
