Reps Direct CBN To Remit N3.64trn To FG In 2 Weeks

House of Representatives has directed the Central Bank of Nigeria (CBN) to remit N3.64 trillion to the federal government within 14 days.

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

This decision was taken when a CBN team led by deputy governor for operations directorate, Dr Bala Bello and minister of finance and coordinating minister of the economy, Wale Edun, appeared before the 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 signed by Hons Bamidele Salam and Kuye Ademorin Aliyu, chairmen of the committees, accused the apex bank of withholding N5.2 trillion due to the federal government.

In light of its findings, the joint committees unanimously resolved that the Central Bank  should also 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,” it said.