The House of Representatives has issued a stern warning to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, threatening to invoke its constitutional powers to order his arrest following his repeated failure to appear before a parliamentary committee investigating ₦5.2 trillion in unremitted government funds.
The Ad Hoc Committee on the Non-Remittance of Funds to the Consolidated Revenue Fund (CRF) by Government-Owned Enterprises (GOEs) revealed on Thursday that the CBN had allegedly withheld ₦5.2 trillion due to the federal government in violation of fiscal regulations. According to committee members, multiple invitations were extended to the apex bank and its leadership to provide explanations and documents, but they were either ignored or met with evasive responses.
Chairman of the committee, Hon. Bamidele Salam (PDP, Osun), expressed outrage at what he described as “deliberate attempts by the CBN to frustrate legislative oversight,” noting that the funds in question are critical to Nigeria’s economic recovery efforts amid mounting debt and inflation.
"This House will not sit idly while public institutions continue to sabotage the country’s finances with impunity," Hon. Salam stated. "If the CBN Governor fails to appear within the next seven days, we will be left with no option but to issue a warrant for his arrest."
Lawmakers from across party lines supported the resolution, accusing the CBN of undermining transparency and accountability. The committee further noted that other agencies had complied with the probe, but the apex bank's conduct raised suspicions of concealment and institutional impunity.
The Central Bank has yet to respond publicly to the allegations or the summons. Attempts to reach the CBN’s spokesperson for comment were unsuccessful as of the time of this report.
This development comes amid heightened scrutiny of Nigeria’s public finances, following calls by President Bola Tinubu for improved revenue collection and accountability across all tiers of government. Analysts warn that the continued non-remittance of funds not only violates fiscal laws but also erodes public trust in government institutions.
The House reaffirmed its commitment to transparency, stressing that the ongoing investigation is not a witch-hunt but a constitutional responsibility to safeguard public funds.