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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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NEWS

SERAP Sues NNPC Ltd over ₦5.9bn Incorporation, Rebranding Expense

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The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPC Ltd) to court over the oil major’s failure to account for approximately ₦5.9 billion expended its incorporation, transition and rebranding from the NNPC into NNPC Ltd.

According to the SERAP, the NNPC Ltd paid over ₦2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services also charged a similar amount against the crude oil revenue for the same purpose, bringing the total to ₦5.9 billion.

Consequently, the organisation is seeking “an order of mandamus to direct and compel the NNPCL to account for about ₦5.9 billion allegedly spent on the rebranding of the NNPC to the NNPCL.”

It is also asking the court to “direct and compel the NNPCL to provide a comprehensive reconciliation statement detailing the specific financial transactions relating to the ₦5.9 billion expenditure, including the identities of the contractors involved, and how the funds were utilised for the rebranding of NNPC to NNPCL.”

ALSO READ: Osun Accuses MURIC of Misinformation Campaign

The SERAP further asked the court to “direct and compel the NNPCL to disclose the names and official positions of the government officials who authorized and approved the release and expenditure of the ₦5.9 billion reportedly spent on the rebranding of NNPC to NNPCL, and to clarify whether the expenditure complied with applicable procurement laws and due-process requirements.”

The order of mandamus is contained in suit number FHC/ABJ/CS/1248/2026 filed at the Federal High Court in Abuja, according to a statement issued on Sunday by the NGO’s Deputy Director, Kolawole Oluwadare.

Filed on behalf of the SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo, the suit also noted that the Senate Committee on Public Accounts reportedly raised concerns over the expenditure described as incorporation and transition costs during the transformation process.
“The Committee described the spending of the ₦5.9 billion as excessive, unjustifiable, and deserving of further explanation, investigation, and legislative scrutiny in the public interest,” the SERAP noted.

The SERAP argued that there is a legitimate public interest in the disclosure of the details sought.
“The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements.

“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL. Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed,

“The disclosure of the identities of the officials involved and the processes followed in approving the expenditure would enable the public to assess whether the expenditure was properly authorized, represented value for money, and was undertaken in accordance with due process and procurement requirements,” it said.

It added that, given the size of the expenditure, there is “an urgent need for a prompt, thorough, and transparent disclosure of the details surrounding the spending of the funds.”

It further stated that “the failure to account for the spending of the ₦5.9 billion on rebranding from NNPC to NNPCL reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold transparency and accountability principles.”
The SERAP added that the transformation of the national oil company from the NNPC to the NNPC Ltd followed the Petroleum Industry Act (PIA) 2021, which required it to become a commercially oriented limited liability company fully owned by the federal government.

It also cited constitutional and international provisions, including Section 13 and Section 15(5) of the Constitution, as well as Articles 5 and 9 of the UN Convention against Corruption and Article 21 of the African Charter on Human and Peoples’ Rights, to support its arguments.

No date has been fixed for the hearing of the suit.

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NEWS

Osun Accuses MURIC of Misinformation Campaign

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Four gang-killed two in Osun, destroy N8M properties

The attention of the Osun State Government has been drawn to a statement by the Executive Director of the Muslim Rights Concern (MURIC), Professor Ishaq Akintola, accusing Governor Ademola Adeleke of marginalising Muslims in his administration.

The State Government in a statement issued by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi charged Professor Akintola to be guided by the Quran and Hadith of Prophet Muhammad in his engagement with the Osun State Government.

“We believe Professor Akintola acted on misinformation or he is actively an agent of misinformation. Governor Adeleke is a strong believer who relates well with people of all faiths, in line with the inclusive leadership example of Prophet Muhammad (SAW). His administration has appointed qualified Muslims to key positions.

For the record, Governor Adeleke appointed Alhaji Teslim Igbalaye as Secretary to the State Government and Alhaji Kazeem Akinleye, a student of Sheikh Kamaludeen Al-Adabiyy in Ilorin, as Chief of Staff. His Spokesperson is a known Mallam of Tijaniya extraction. The Commissioner for Information is alone a deep muslim of Al-Adabiyy extraction. Several other Muslims are also serving as commissioners and heads of agencies, alongside qualified appointees of other faiths.

This administration commenced construction of the Osun Hajj Camp, ending Osun’s status as the only Southwest state without one. The governor also approved a mosque in the Government House for Muslim staff.

We urge Professor Akintola to verify facts before going public, as admonished in Qur’an 49:6.

ALSO READ: Nigeria’s Crude Output Grows to 12m Barrels on Utapate, Cawthorne

He should also assess government performance using verifiable data on budget execution, debt management by the DMO, and healthcare, where Osun was rated best in the Southwest for primary healthcare in 2024 and 2025.

Elections should be about jobs, security, infrastructure, healthcare, and education, not identity politics.

“We expect MURIC to judge this administration by its record of service to all citizens, Muslim and non-Muslim alike”.

Rather than feign his political attack with religious coloration, Professor Akintola should be courageous to declare his partisan interest in the opposition APC and stop using religion to do hatchet job politics.

We challenge MURIC to openly condemn the shooting of law-abiding residents (Muslims and non Muslims) of the state by APC thugs in branded APC campaign vehicles in Ile-Ife, Akoda, Owode-Ede and Osogbo, to disprove the allegation that he’s been paid by the opposition to attack Governor Ademola Adeleke.

Rather than spreading baseless misinformation, we are also of the opinion that MURIC should be more interested in cases like the sudden addition of ‘Munirudeen’ to the names of the Osun APC Governorship candidate, a name which was missing from his primary, secondary and university certificates.

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Why NYSC Stopped Orientation Exercise for Corps Members in Niger State

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Gombe NYSC Prioritises Safety of Corps Members

The National Youth Service Corps (NYSC) has explained the reason behind the suspension of the 2026 Batch B Stream I Orientation Course for prospective corps members deployed to Niger State.

In a notice shared on its official X account on Sunday, the scheme said the orientation exercise was put on hold due to ongoing renovation work at the state’s orientation camp.

According to the NYSC, the temporary suspension affects all prospective corps members (PCMs) posted to Niger State for the current orientation programme.

SEE ALSO: NYSC Under Fire As Sowore Plans Protest Over Withheld Certificate of Corps Member

“This is to notify the General Public and Prospective Corps Members (PCMs) deployed to Niger State for the 2026 Batch B Stream I Orientation Course that their Orientation Course Exercise is suspended for now due to ongoing renovation work at the Orientation Camp,” the statement read.

The scheme assured affected corps members that alternative arrangements would be communicated soon, noting that they would be informed of a new reporting date and venue once preparations are completed.

“PCMs affected should note that they will be contacted at a short notice on where and when to report for their Orientation Course,” the NYSC added.

The management also apologised for the inconvenience caused to both the prospective corps members and their parents.

“The Management regrets all inconveniences to the affected PCMs and their parents,” the statement said.

The suspension comes months after a devastating windstorm damaged critical facilities at the NYSC orientation camp in Paiko, located in Paikoro Local Government Area of Niger State.

The storm reportedly affected several structures, including male hostels, the multipurpose hall, kitchen and staff quarters.

Following the incident, the Niger State Government commenced rehabilitation and renovation works aimed at restoring the camp’s infrastructure to a suitable condition for hosting corps members.

While the 2026 Batch B Stream I Orientation Course began nationwide on June 10 and is expected to conclude on June 30, corps members posted to Niger State will now have to await further directives from the NYSC regarding their orientation exercise.

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