The House of Representatives has issued a stern directive to the Central Bank of Nigeria (CBN), ordering the apex financial institution to remit a ₦3.64 trillion outstanding operating surplus to the federal government within a strict 14-day window.
This remittance demand represents 70% of a ₦5.2 trillion surplus yet to be transferred for the fiscal years 2016 to 2022. The order came following a session involving the CBN Deputy Governor of Operations, Dr. Bala Mohammed Bello, and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who both appeared before a joint committee session on Public Accounts and Public Assets.
During the deliberations, committee members interrogated the CBN regarding its prolonged failure to remit operating surpluses as required by law. Lawmakers also raised concerns about the apex bank’s handling of unclaimed dividends and dormant account balances across Nigerian financial institutions.
Allegations and Legal Framework
A formal letter addressed to the CBN Governor—co-signed by Rep. Bamidele Salam, Chairman of the Public Accounts Committee, and Rep. Kuye Ademorin Aliyu, Chairman of the Public Assets Committee—alleges that the CBN has been withholding ₦5.2 trillion owed to the federal treasury.
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”, cites findings by both the Auditor General of the Federation and the Fiscal Responsibility Commission. These findings indicate that the CBN violated existing financial laws by not remitting the required surplus.
It also references the Finance Act 2020, which mandates that all unclaimed dividends older than six years, along with dormant bank account balances, be transferred to the Unclaimed Funds Trust Fund. This fund is to be governed by a council that includes the Minister of Finance, Debt Management Office, and other relevant agencies.
CBN’s Contradictory Legal Stance
While the CBN has argued that the Banks and Other Financial Institutions Act (BOFIA) 2020 gives it authority over dormant balances, the Attorney General of the Federation has issued a legal opinion affirming that the Finance Act 2020 is the prevailing statute governing these funds.
In light of the conflict, the joint committee resolved that the CBN must:
- Remit ₦3.64 trillion to the federal government within 14 days;
- Submit a comprehensive report on the total value of unclaimed dividends and dormant balances by June 30, 2025;
- Transfer all applicable dormant balances to the Unclaimed Funds Trust Fund within the same 14-day period;
- Provide proof of remittance to the committee’s secretariat at the National Assembly Complex in Abuja by Monday, July 14, 2025.
The committee emphasized that this directive stands while a full reconciliation of financial records is conducted between all involved parties.
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