Reps Give CBN 2-week Ultimatum To Remit N3.64trn To Federal Gov’t

The House of Representatives has directed the Central Bank of Nigeria (CBN) to remit the sum of N3.64 trillion to the Federal Government within 14 days.

The amount, representing 70% of an outstanding N5.2 trillion in unpaid operating surplus, was for the period spanning 2016 to 2022.

The decision was taken when a CBN team led by Deputy Governor of Operations Directorate, Dr Bala Bello, and Minister of Finance and coordinating minister of the economy, Wale Edun, appeared before the House of Representatives Joint Committee on Public Accounts and Public Assets.

At the session, lawmakers interrogated the apex bank on its failure to remit operating surplus funds and its management of unclaimed dividends and dormant account balances.

A formal letter addressed to the CBN Governor jointly signed by Hon. Bamidele Salam and Hon. Kuye Ademorin Aliyu, chairmen of the committees, respectively, accused the apex bank of withholding N5.2 trillion due to the Federal Government.

The letter was 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 N5.2 trillion 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 (BOFIA) 2020 grants it the authority to manage and control dormant account balances.”

In light of these findings, the Joint Committees unanimously resolved that: “the Central Bank of Nigeria shall remit the sum of N3.64 trillion (Three Trillion, Six Hundred and Forty Billion Naira) to the Federal Government, being 70% of the N5.2 trillion 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 Central Bank of Nigeria shall furnish the Joint Committee with the total value of unclaimed dividends and dormant account balances on or before June 30, 2025.

“The Central Bank of Nigeria 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.

“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.”