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Lawmakers Move To Arrest CBN Governor Over N5.2trn Unremitted Surplus

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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.”

 

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‘Surrender or Face the Law’ – Gov Lawal Sends Strong Warning to Bandits

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Matawalle's Claim On Leaving N20bn Is False, I'm In Debt, Zamfara Gov Cries Out

Governor Dauda Lawal of Zamfara State has reaffirmed that his administration will not negotiate with bandits, declaring that security operations against criminal groups will continue until they surrender or face the full weight of the law.

The governor made the declaration through his Chief of Staff, Alhaji Mukhtar Musa, during the inauguration of the Secretariat of the Association of Zamfara State Indigenes Residing in Kaduna on Sunday.

SEE MORE: “We Won’t Negotiate With Bandits” — Gov Lawal Declares Hardline Stand in Zamfara

Speaking at the event, Musa said the Lawal administration remains committed to ending insecurity through sustained collaboration with security agencies across the state.

He disclosed that the state government would continue providing logistics, equipment, ammunition and other operational support to security forces battling banditry.

“The governor will never negotiate with bandits. Those willing to surrender should do so or face the law,” Musa said.

According to him, the government will sustain its offensive against bandits until lasting peace is restored across Zamfara State.

He also stressed the importance of community intelligence, urging residents to promptly report suspicious movements and activities to security agencies to strengthen the fight against insecurity.

Musa assured members of the association that Governor Lawal remains committed to restoring peace and delivering meaningful development across the state.

Describing the gathering as a reflection of unity among Zamfara indigenes living outside their home state, he commended the organisers for establishing the association’s secretariat in Kaduna and disclosed that the governor would visit the association in the future to strengthen ties.

As part of the government’s support, Musa announced a donation of ₦5 million to assist the association’s activities.

Earlier, the association’s Chairman, Alhaji Garba Balarabe, described the inauguration as a historic milestone, saying the secretariat would serve as a centre for unity, coordination and the welfare of members.

He revealed that the association distributed 280 bags of 10kg rice, vegetable oil and spaghetti to less privileged members and appealed to the Zamfara State Government to assist in acquiring a permanent office in Kaduna.

Also speaking, the Zamfara Commissioner for Environment and Natural Resources, Dr. Abdulrahman Tumbido, commended the association’s humanitarian initiative, noting that many Zamfara indigenes had relocated to Kaduna due to insecurity.

Despite the security challenges, Tumbido expressed optimism that peace and stability would soon return to Zamfara.

The National President of the Zamfara State Indigenes Association, Alhaji Usman Balarabe, called for greater unity among members and pledged continued support for women, children and other vulnerable groups.

In her remarks, the association’s Ex-Officio, Hajiya Aishatu Maradun, urged the state government to sustain support for programmes aimed at strengthening the association.

Representing Engr. Abdullahi AbdulKarim Tsafe, Engr. Garba Abubakar formally inaugurated the secretariat.

He praised the association for supporting vulnerable members and recommended translating its constitution into Hausa to enhance understanding and ensure effective administration.

The event attracted government officials, traditional rulers, politicians, community leaders and members of the association from Kaduna, Abuja and other parts of the country.

 

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‘We’ll Be Watching Nigeria’s 2027 Elections Very Closely’ – US Congressman

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The United States has said it will closely monitor Nigeria’s 2027 general elections, with US Congressman Riley Moore stating that President Donald Trump’s administration will be paying “very close attention” to how the country’s next polls are conducted.

Moore, a Republican representing West Virginia, made the remarks during an interview with NoireTV while responding to questions about Nigeria’s upcoming general elections.

According to him, Washington is committed to observing both the outcome and the conduct of the elections to ensure they are credible and transparent.

SEE MORE: Atiku Appoints Kenneth Okonkwo as 2027 Campaign Spokesperson

“We’re certainly going to be watching these results and how these elections unfold and how they’re executed. And that’s something that myself and the administration are going to be paying very close attention to,” Moore said.

The congressman also disclosed that the US House of Representatives is considering an appropriations bill containing provisions relating to Nigeria, particularly on religious freedom and US security assistance.

“We’re working on Chris (Smith)’s bill, which obviously I’m a co-sponsor of that bill. But I’d say, more importantly, what people need to pay attention to is the appropriations bill that we’re going to have on the floor today,” he stated.

Moore explained that the proposed legislation contains what he described as “pretty strong and aggressive language” regarding Nigeria’s relationship with the United States.

“There’s a lot of language that I put on that bill that relates to Nigeria, the persecution of Christians and restrictions on security assistance to the government of Nigeria, and steps that they have to take,” he said.

He added that the bill is expected to become law and would have a binding impact on future US-Nigeria relations.

“That bill’s likely to become law. We’re about to, hopefully, pass that here today. And so there’s some pretty strong and aggressive language in that bill that’s going to be binding as it relates to our relationship to Nigeria moving forward,” Moore added.

The lawmaker further revealed that he would continue engaging President Donald Trump’s administration on issues concerning Nigeria, disclosing that he was scheduled to meet the US president during a dinner engagement.

“I continue to work with the administration on next steps that we’re going to take. I’m actually going to see President Trump tonight. I’ll be having dinner with him and some other members, so yeah, I continue to talk to him about these issues, and it’s very important to him,” he said.

Moore is a co-sponsor of the Nigeria Religious Freedom and Accountability Act of 2026, introduced alongside Congressman Chris Smith in February.

The proposed legislation seeks to require the US Secretary of State to submit periodic reports to Congress on efforts to address religious persecution and mass atrocities in Nigeria.

The bill also proposes regular assessments of Nigeria’s compliance with international religious freedom obligations, US security assistance, sanctions, humanitarian support, and measures taken by the Nigerian government to protect vulnerable communities and prosecute those responsible for attacks.

Earlier in April 2026, the US House Appropriations Committee approved provisions in its annual State Department funding bill imposing stricter oversight and conditions on financial assistance to Nigeria.

The proposal recommends withholding 50 percent of US foreign assistance allocated to Nigeria until it is certified that the Nigerian government is taking effective steps to curb religious violence.

It also requires that the funds support investigations and prosecutions of violence committed by Fulani militia groups and that the government facilitates the safe return of displaced persons.

If passed into law, the legislation is expected to shape future diplomatic relations, security cooperation and financial assistance between the United States and Nigeria.

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‘Act Now as UN Warns of Escalating Food Crisis in the North’ – Obi to FG

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Former Anambra State Governor and 2027 presidential candidate of the National Democratic Congress (NDC), Peter Obi, has expressed concern over a recent United Nations warning of a worsening food crisis in Northern Nigeria, urging the Federal Government and state governments to take immediate steps to prevent the situation from deteriorating further.

Obi made the call on Saturday in a post shared on his X account, describing the development as disturbing, especially because Northern Nigeria has traditionally been regarded as the country’s food-producing region.

The former governor stressed the need for more effective policy implementation to address the growing humanitarian challenge, urging governments at all levels to make proactive investments in securing agricultural corridors and supporting smallholder farmers with accessible resources to improve food production.

SEE ALSO: No Joy on Children’s Day as Students Languish in Captivity — Peter Obi

He also called on authorities to work closely with the United Nations World Food Programme (WFP) and other development partners to bridge existing funding gaps before the crisis worsens.

According to Obi, the WFP’s latest assessment revealed that more than 17 million people across nine northern states are currently facing crisis-level hunger, while over 35 million Nigerians could be at risk during the ongoing lean season.

He further cited reports indicating that more than 10,000 residents of Borno State have entered what humanitarian agencies describe as “catastrophic hunger conditions.”

“Insecurity, including banditry and insurgency, has prevented many farmers from accessing their farmlands and remains a major obstacle to agricultural production,” Obi said.

The former presidential candidate called for improved security across farming communities and increased investment in rural infrastructure and agricultural productivity to restore food production.

He also urged policymakers to prioritise production-driven economic policies aimed at expanding cultivated land and boosting agro-industrial output.

According to Obi, Nigeria has the resources and agricultural potential to significantly reduce hunger and poverty if the appropriate measures are implemented.

He maintained that a Nigeria free from widespread hunger and mass poverty remains achievable if leaders place the welfare and livelihoods of citizens at the centre of national decision-making.

The statement follows a recent United Nations warning that worsening hunger in Northern Nigeria is being fuelled by insecurity, which continues to prevent farmers from accessing their farmlands and has created conditions that armed groups exploit to recruit vulnerable people.

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