The House of Representatives has issued a 14-day ultimatum to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to settle a N3.64 trillion debt owed to the Federal Government. Failure to comply may result in a warrant of arrest being issued against him.

According to the House Committees on Public Accounts and Public Assets, the debt represents 70% of an outstanding N5.2 trillion in unpaid operating surplus for the period spanning 2016 to 2022. The lawmakers emphasized that the CBN’s non-compliance with the Finance Act 2020 has prompted this decisive action.

The CBN has been directed to transfer unclaimed dividends and dormant bank balances into a special Unclaimed Fund Trust Fund under the supervision of the Finance Ministry and Debt Management Office. The House expects the CBN to submit the total amount of unclaimed dividends and dormant balances by June 30, 2025, and transfer all such funds into the Unclaimed Fund Trust Fund within 14 days.

This development underscores the growing scrutiny of Nigeria’s financial institutions and the need for transparency and accountability in the management of public funds.