NEWS
Lawmakers Move To Arrest CBN Governor Over N5.2trn Unremitted Surplus
The Nigerian House of Representatives may issue an arrest warrant for the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, following his continuous refusal to appear before a joint parliamentary panel investigating the non-remittance of N5.2 trillion operating surplus.
The House Joint Committee on Public Accounts and Public Assets, co-chaired by Hon. Bamidele Salam and Hon. Ademorin Kuye, disclosed this in a statement released on Friday.
The committee is probing alleged violations of the Fiscal Responsibility Act 2007 and Finance Act 2020 in relation to unremitted funds, unclaimed dividends, and dormant bank account balances.
READ ALSO: Direct CBN To Suspend ATM Fee Hike Pending Court Verdict, SERAP Tells Tinubu
The lawmakers expressed displeasure at the CBN governor’s repeated failure to honour their invitations, stating that legal measures were now being considered to compel his appearance.
According to them, the Office of the Auditor General for the Federation had informed the House that the apex bank owes the federal government N5.2 trillion in operating surplus accrued between 2016 and 2022 a position that was also supported by a report from the Fiscal Responsibility Commission.
Quoting from their statement, the lawmakers said: “The Finance Act 2020 mandates that dividends of all listed companies in Nigeria which remained unclaimed for six years or more and balances on accounts which have been dormant for six years in Deposit Money Banks shall be transferred into an established fund called Unclaimed Fund Trust Fund which is to be administered by the Governing Council Comprising the Minister of Finance and Debt Management Office among others.”
They also referenced the Attorney General’s legal position affirming that the Finance Act 2020 governs the management of unclaimed and dormant funds directly contradicting the CBN’s claim that it operates under the Financial Institutions Act of 2020.
The committee emphasized its demand for partial remittance of the surplus while reconciliation continues: “The Central Bank of Nigeria should remit the sum of N3.64tn being 70% of undisputed Unpaid Operating Surplus of N5.2tn within 14 days commencing from the date of the receipt of the said letter (June 27, 2025); pending the final reconciliation of disputed figures by all parties.”
In addition, the committee insisted that the CBN must declare the total sum of unclaimed dividends and dormant account balances by June 30, 2025, and transfer all such funds into the Unclaimed Fund Trust Fund within two weeks of receiving the directive.
“The CBN should ensure that all unclaimed dividends and funds in the dormant accounts balances as defined above are transferred to the Unclaimed Fund Trust Fund account as provided by the Finance Act 2020, within 14 days of the receipt of the letter and receipt of the transfer be furnished to the House,” the lawmakers further stated.
The committee criticized the CBN governor’s non-compliance, stating: “Despite the unambiguous resolution, the CBN governor has failed to comply with the resolution and refused to appear before the committee to explain why he failed to do so,” and warned that it would be “compelled to make him appear in line with the powers vested in it by the 1999 Constitution.”
NEWS
Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks
Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.
Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.
SEE MORE: PDP Chieftain Explains Why Peter Obi Could Restore National Hope in Nigeria
The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.
Details of the meeting remained undisclosed at the time of filing this report.
However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.
Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.
On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.
However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.
The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.
NEWS
JUST IN: Nigeria’s Debt Profile Set to Rise as Tinubu Requests Fresh $516m Foreign Loan
President Bola Tinubu has requested the approval of the Senate for a fresh external borrowing of $516.33 million, in a move that is expected to further raise concerns over Nigeria’s growing debt profile.
The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read during plenary on Thursday at the National Assembly.
READ MORE: WC 2026: Don’t Go Into Debt to Support Scotland, Coach Warns Fans
According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance a key infrastructure component under the government’s already approved borrowing programme—the Sokoto–Badagry Super Highway project, a major road corridor designed to enhance connectivity across the country.
President Tinubu, in the request, urged the Senate to give the proposal expedited consideration and approval, stressing the importance of the project to national infrastructure development and economic growth.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to examine the proposal and submit its report within one week.
The latest borrowing request comes amid ongoing national debates over Nigeria’s debt sustainability, as the federal government continues to rely on external loans to fund large-scale infrastructure projects.
NEWS
Shock as Court Rejects El-Rufai’s Bail Application, Orders Continued Detention
A Kaduna State High Court has rejected the bail application filed by former Kaduna State Governor, Nasir El-Rufai, ordering that he remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of his trial.
The ruling was delivered by Justice D.H. Khobo, who held that the seriousness of the allegations against the former governor, as well as concerns over possible interference with ongoing investigations, made the grant of bail inappropriate at this stage.
ALSO READ: Pastor Bakare, El Rufai Devastated by PMB’s Failure
El-Rufai had approached the court seeking release on bail pending trial over a nine-count charge filed by the Federal Government through the Independent Corrupt Practices and Other Related Offences Commission.
He argued that the offences were not capital in nature and that he posed no flight risk, citing his community ties, fixed residences, and willingness to cooperate with investigators.
He also told the court that he voluntarily returned to Nigeria to honour official invitations and challenged the validity of the charges, describing them as defective.
Additionally, he raised health concerns, requesting bail on medical grounds.
However, the prosecution opposed the application, insisting that the alleged offences were serious and economically damaging, with a likelihood that the defendant could interfere with witnesses and ongoing investigations.
In his ruling, Justice Khobo held that the gravity of the charges and the risk of interference outweighed the arguments for bail.
The court also ruled that insufficient medical evidence had been provided to justify release on health grounds.
The judge therefore ordered that El-Rufai remain in ICPC custody and directed that the trial proceed on an accelerated basis, fixing early hearing dates for the case.
The former governor will remain detained as proceedings continue in the high-profile corruption trial.






Simply wish to say your article is as astounding. The clarity in your post is simply great and i can assume you are an expert on this subject. Fine with your permission allow me to grab your feed to keep updated with forthcoming post. Thanks a million and please keep up the gratifying work.
hello!,I like your writing very much! share we communicate more about your post on AOL? I need a specialist on this area to solve my problem. Maybe that’s you! Looking forward to see you.
What’s Happening i am new to this, I stumbled upon this I have found It absolutely helpful and it has aided me out loads. I hope to contribute & assist other users like its aided me. Good job.
Hi, Neat post. There is a problem with your site in internet explorer, would check this… IE still is the market leader and a huge portion of people will miss your wonderful writing due to this problem.
I regard something truly interesting about your site so I saved to my bookmarks.
195806 888865I like the useful details you supply inside your articles. Ill bookmark your weblog and check once more here regularly. Im quite certain I will learn lots of new stuff appropriate here! Very best of luck for the next! 222896
Very interesting details you have noted, appreciate it for posting. “I never said most of the things I said.” by Lawrence Peter Berra.
I got what you intend, thanks for putting up.Woh I am delighted to find this website through google.
You are my inhalation, I own few web logs and often run out from to brand.
Do you have a spam issue on this site; I also am a blogger, and I was curious about your situation; many of us have developed some nice procedures and we are looking to trade strategies with others, be sure to shoot me an email if interested.
I am constantly searching online for articles that can assist me. Thx!
I got good info from your blog
Simply a smiling visitant here to share the love (:, btw outstanding pattern. “Treat the other man’s faith gently it is all he has to believe with.” by Athenus.
I haven?¦t checked in here for a while as I thought it was getting boring, but the last few posts are great quality so I guess I?¦ll add you back to my daily bloglist. You deserve it my friend 🙂
Undeniably believe that that you said. Your favorite justification appeared to be on the internet the easiest thing to bear in mind of. I say to you, I definitely get irked while other people consider worries that they plainly don’t understand about. You managed to hit the nail upon the highest and outlined out the entire thing without having side effect , folks could take a signal. Will probably be back to get more. Thanks