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
JUST IN: Ex-Delta Governor Emmanuel Uduaghan Is Dead
Former Delta State Governor, Dr Emmanuel Uduaghan, has reportedly died, according to sources said to be close to his family.
The sources confirmed the development on Monday, October 19, 2026, although details surrounding the circumstances of his death remained unclear as of the time of filing this report.
“Uduaghan is no more; he is dead,” one of the sources reportedly said.
SEE ALSO: Document reveals Akpoti-Uduaghan demanded N10b damages from husband before marriage, firm reacts
The reported death comes months after claims that the former governor had died circulated on social media before being dismissed by his media aide, Henry Unini.
In June, reports of Uduaghan’s alleged death spread across Facebook and WhatsApp, prompting Unini to publicly debunk the claims and assure the public that the former governor was alive.
“I can tell you for a fact that Dr. Emmanuel Uduaghan is alive,” Unini said at the time.
“Frankly, I don’t know where the writer got his information from. The death of someone is not something you take and write about casually,” he added.
Unini acknowledged at the time that Uduaghan had been experiencing health challenges but maintained that he was receiving medical attention.
“It is now common knowledge that Dr. Emmanuel Uduaghan has been sick, but he is receiving proper medical care,” the media aide said.
He also stated that the former governor was recuperating, assuring the public that there was no immediate cause for concern.
“There is no cause for alarm whatsoever,” Unini said.
The media aide thanked friends, well-wishers and residents of Delta State who contacted the family to verify the former governor’s condition. He also urged the public to avoid spreading unverified information.
“The rumour was uncalled for,” he said while addressing the earlier reports.
As of the time of filing this report, further details about the circumstances surrounding Uduaghan’s reported death had yet to emerge.
NEWS
Delta Begins ₦5bn Empowerment Scheme for 100,000 Beneficiaries
The Delta State Government has commenced a ₦5 billion grassroots empowerment programme targeting 100,000 small-scale business owners and other beneficiaries across the state’s 500 wards.
The initiative, announced on Monday, will see each beneficiary receive ₦50,000 to support small businesses, strengthen household finances and stimulate economic activities across the state.
SEE ALSO: Two Arrested as Delta Police Uncover Cache of Illegal Weapons
The Executive Assistant to the Governor on Public Enlightenment (Projects and Policies), Mr Olisa Ifeajika, disclosed this while speaking with journalists in Asaba.
Ifeajika explained that the programme was designed to complement the state government’s investments in critical infrastructure with direct financial assistance to residents.
According to him, Governor Sheriff Oborevwori directed local government councillors to facilitate the distribution of the funds, with each of the 500 wards expected to reach at least 200 beneficiaries.
He added that the initiative reflects the administration’s commitment to improving livelihoods and expanding economic opportunities for Deltans, in line with the people-centred objectives of the MORE Agenda.
NEWS
Alausa Hails Dangote Foundation’s Plan to Give Four Million Students IPO Shares
The Minister of Education, Dr Maruf Tunji Alausa, has commended Alhaji Aliko Dangote and the Aliko Dangote Foundation for plans to acquire Initial Public Offering (IPO) shares of Dangote Refinery on behalf of eligible Nigerian tertiary institution students.
Alausa described the initiative as an innovative approach to promoting financial literacy, youth empowerment and wealth creation among young Nigerians.
According to a press release issued by the Federal Ministry of Education on Monday, October 19, 2026, the initiative is expected to benefit up to four million students aged 18 and above, with each eligible student expected to receive 10 IPO shares without requiring prior investment or share purchase.
The minister said the programme would expose students to capital markets, responsible investing and long-term financial planning, preparing them for greater economic participation and financial independence.
He noted that the initiative aligns with the Nigeria Education Sector Renewal Initiative (NESRI) and President Bola Ahmed Tinubu’s Renewed Hope Agenda by connecting education with enterprise, human capital development and inclusive economic growth.
According to Alausa, the initiative reflects the importance of partnerships between the education sector and private organisations in equipping young Nigerians with the knowledge and skills needed to participate in the economy.
He said the Federal Ministry of Education remained committed to strengthening private-sector partnerships to improve educational quality, relevance, equity and efficiency while preparing learners for a changing economy.
While appreciating the foundation’s contribution to youth development, the minister clarified that the ministry’s commendation was based on the initiative’s educational and developmental value.
He stressed that the ministry’s position “does not constitute an endorsement of any particular investment decision.”
Alausa also encouraged other corporate organisations to support similar initiatives that promote financial awareness, economic productivity and entrepreneurship among young Nigerians.
He urged businesses to support NESRI and the Renewed Hope Agenda in building a financially informed and economically productive generation.






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