CBN In Hot Seat As Reps Demand Urgent Remittance Of N3.64 Trillion!

The CBN has been ordered by the House of Representatives to transfer N3.64 trillion to the Federal Government within two weeks.

The House of Representatives has accused the Central Bank of Nigeria (CBN) of withholding N5.2 trillion in unremitted operating surplus due to the Federal Government for the years 2016 to 2022. Lawmakers have now issued a 14-day ultimatum to the apex bank to remit N3.64 trillion, which represents 70% of the total sum.

This resolution followed a session of the Joint Committee on Public Accounts and Public Assets, where CBN Deputy Governor of Operations, Dr. Bala Bello, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, appeared before lawmakers. The session scrutinized the CBN’s failure to remit operating surpluses and its handling of unclaimed dividends and dormant bank account balances.

A formal letter jointly signed by committee chairmen Hon. Bamidele Salam and Hon. Kuye Ademorin Aliyu was addressed to the CBN Governor, citing the breach of the Fiscal Responsibility Act 2007 and the Finance Act 2020. The lawmakers stated that the liability was confirmed by both the Auditor General for the Federation and the Fiscal Responsibility Commission.

The letter further reminded the CBN of the Finance Act 2020 provision, which mandates the transfer of unclaimed dividends and dormant account balances (inactive for six years or more) to the Unclaimed Funds Trust Fund, administered by a Governing Council under the Ministry of Finance.

This, the committees said, contradicts the CBN’s reliance on the Banks and Other Financial Institutions Act (BOFIA) 2020 to justify its control over such funds. A legal opinion from the Attorney General of the Federation affirmed the Finance Act as the prevailing law on the matter.

In its directive, the Joint Committee ordered:

1. The CBN must remit N3.64 trillion within 14 days of receiving the letter.

2. The bank must provide a full disclosure of unclaimed dividends and dormant account balances by June 30, 2025.

3. The CBN must transfer all eligible unclaimed funds to the designated Trust Fund within the same 14-day period.

4. Proof of compliance must be submitted to the Committee Secretariat at the National Assembly Complex no later than July 14, 2025.