Reps Give CBN 2-week Ultimatum To Remit N3.64trn To Federal Gov’t

The Home of Representatives has directed the Central Financial institution of Nigeria (CBN) to remit the sum of N3.64 trillion to the Federal Authorities inside 14 days.

The quantity, representing 70% of an impressive N5.2 trillion in unpaid working surplus, was for the interval spanning 2016 to 2022.

The choice was taken when a CBN crew led by Deputy Governor of Operations Directorate, Dr Bala Bello, and Minister of Finance and coordinating minister of the financial system, Wale Edun, appeared earlier than the Home of Representatives Joint Committee on Public Accounts and Public Belongings.

On the session, lawmakers interrogated the apex financial institution on its failure to remit working surplus funds and its administration of unclaimed dividends and dormant account balances.

A proper letter addressed to the CBN Governor collectively signed by Hon. Bamidele Salam and Hon. Kuye Ademorin Aliyu, chairmen of the committees, respectively, accused the apex financial institution of withholding N5.2 trillion as a result of Federal Authorities.

The letter was titled ‘Investigation of Non-Compliance with Fiscal Accountability Act 2007 and Finance Act 2020 on the Remittance of Working Surplus and Administration of Unclaimed Dividends and Dormant Account Balances by the Central Financial institution of Nigeria’.

The letter learn: “additional to your look earlier than the Joint Committee on Wednesday, twenty fifth June 2025, on the above material, the Committees hereby direct as follows:

“Please observe that the Auditor Common for the Federation, within the efficiency of its constitutional mandate, reported to the Home of Representatives a legal responsibility of N5.2 trillion in working surplus as a result of Federal Authorities of Nigeria for the years 2016 to 2022.

“This discovering is corroborated by the Fiscal Accountability Fee in a separate report submitted to the Nationwide Meeting. This represents a transparent and unacceptable violation of the provisions of the Fiscal Accountability Act 2007 (as amended).

“In an identical vein, it’s pertinent to recall that the Finance Act 2020 mandates that dividends of all listed corporations in Nigeria, which have remained unclaimed for six years or extra, in addition to balances in accounts dormant for six years in Deposit Cash Banks, shall be transferred to a longtime fund generally known as the Unclaimed Funds Belief Fund. This fund is to be administered by a Governing Council comprising the Honourable Minister of Finance, the Debt Administration Workplace, and different related our bodies.

“The Honourable Minister of Justice and Legal professional Common of the Federation, by way of a authorized opinion, confirmed that the Finance Act 2020 is the related regulation governing the management and administration of dormant account balances below the oversight of the Governing Council. This contradicts the CBN’s place that the Banks and Different Monetary Establishments Act (BOFIA) 2020 grants it the authority to handle and management dormant account balances.”

In mild of those findings, the Joint Committees unanimously resolved that: “the Central Financial institution of Nigeria shall remit the sum of N3.64 trillion (Three Trillion, Six Hundred and Forty Billion Naira) to the Federal Authorities, being 70% of the N5.2 trillion in unpaid working surplus, inside 14 days from the date of receipt of this letter. This directive stands pending the ultimate reconciliation of figures by all events concerned.

“The Central Financial institution of Nigeria shall furnish the Joint Committee with the overall worth of unclaimed dividends and dormant account balances on or earlier than June 30, 2025.

“The Central Financial institution of Nigeria shall be certain that all unclaimed dividends and dormant account balances, as outlined above, are transferred to the Unclaimed Funds Belief Fund account inside 14 days of receipt of this letter.

“Proof of compliance and remittance have to be submitted to the Committee Secretariat, positioned at Listening to Room 4, White Home, Home of Representatives Previous Constructing, Nationwide Meeting Advanced, Abuja, no later than Monday, July 14, 2025.”