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
Kidnappers Demand N200m to Free Abducted Kebbi High Court Judge
The abductors of a Kebbi State High Court judge, Justice Faruku Bunza, have demanded N200 million as ransom for his release following his abduction from his residence in Bunza Local Government Area.
The ransom demand was confirmed on Tuesday by the Kebbi State Commissioner of Police, Umar Hadejia, and the judge’s brother, Yusuf Bunza.
Justice Bunza was kidnapped in the early hours of Sunday from his home along Zogirma Road in Bunza, prompting a swift security response.
SEE MORE: Bandits Kidnap Kebbi High Court Judge in Midnight Home Invasion
Speaking on the development, Commissioner Hadejia said police had launched an intensive operation to rescue the judge unharmed and apprehend those behind the abduction.
According to him, intelligence gathered during the operation revealed that the kidnappers were demanding N200 million for the judge’s freedom.
He disclosed that a combined team of security operatives had been deployed to comb suspected escape routes, while strategic checkpoints had been mounted across key locations believed to have been used by the abductors.
The police commissioner expressed confidence that the ongoing operation would lead to the safe rescue of Justice Bunza and the arrest of the kidnappers.
Hadejia further revealed that the family informed the police that the abductors had contacted a registrar of the High Court in Abuja to begin negotiations over the ransom demand.
Confirming the development, the judge’s brother, Yusuf Bunza, said the kidnappers had also reached out to him.
“Yes, they contacted me; they asked for N200 million from the family. We don’t know what to do now but we believe the authorities and security operatives are doing their duty to secure his release,” he said.
The abduction has heightened concerns over the security of judicial officers and the persistent threat of kidnapping across parts of the country, as security agencies continue efforts to secure the judge’s safe release.
NEWS
Ogun Students Shut Down Abeokuta-Lagos Expressway After Colleague’s Killing
Students of DS Adegbenro ICT Polytechnic, Itori, Ogun State, on Tuesday shut down the Abeokuta-Lagos Expressway in protest following the killing of one of their colleagues during a robbery attack on a student community behind the institution.
The protest, which caused heavy traffic congestion along the busy highway, erupted after suspected armed robbers invaded Eruku Community, where many students reside, in the early hours of Tuesday.
According to the Rector of the polytechnic, Dr Goke Rafiu, the attackers raided about 15 houses in the community, killing one student and leaving three others injured.
“What happened was that some armed robbers raided about 15 houses in Eruku where some of our students are living. The community is actually behind the school, and during the attack, one of the students was killed while about three others were injured,” Rafiu said.
He disclosed that one of the injured students had been taken to the Federal Medical Centre (FMC), Abeokuta, for treatment.
“We are currently in the community with police officers and members of the institution’s management team, including the Chairman of the Governing Council, Ambassador Toye Okanlawon, to chart the way forward,” he added.
The rector appealed to the protesting students to remain calm, assuring them that the Ogun State Government, security agencies and community leaders were working to improve security around the institution.
Following the tragic incident, the institution postponed examinations scheduled for Tuesday, July 28, and Wednesday, July 29, to honour the deceased student and allow affected students time to recover emotionally.
In a statement signed by the Chairman of the Timetable, Examination and Academic Calendar Committee, Gideon Adekunle, the institution said: “Following the unfortunate incident that resulted in the loss of a student and injuries to others during a robbery attack in Eruku, the examinations scheduled for Tuesday, July 28, and Wednesday, July 29, have been postponed.
“This is to ensure students in the affected area regain their composure and mental stability, and most importantly, to honour the deceased.
“Examinations will resume on Friday, July 30, 2026, as scheduled. A new timetable for the postponed examinations will be communicated in due course.”
The Students’ Union Government President, Comrade Owoigbe Blessing, said the robbers struck around midnight, killing a final-year Higher National Diploma (HND II) student.
“One final-year HND II student was killed, another female student was injured after her ear was severed, while another student who was shot has been rushed to the Federal Medical Centre,” she said.
She called on the Ogun State Government to strengthen security around the institution, lamenting that robbery attacks had become a recurring problem in Eruku Community.
“There is no adequate security. If there was, this would not have happened. This is not the first, second or even third time such an incident has occurred in Eruku,” she said.
Also reacting, the Chairman of the National Association of Nigerian Students (NANS) in Ogun State, Comrade Olabode Faruq Success, condemned the rising insecurity around tertiary institutions in the state and called for urgent intervention to protect students.
NEWS
Fubara Corrected His Mistakes, Returned to the Right Political Family – Wike
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has described Rivers State Governor Siminalayi Fubara’s reconciliation with his political camp as a correction of past mistakes, insisting the governor had no better alternative than returning to the political family that brought him to power.
Speaking with journalists on Tuesday after inspecting ongoing road projects across the Federal Capital Territory, Wike dismissed claims that Fubara’s return was an act of seeking forgiveness following their prolonged political feud.
SEE MORE: How British Airways Records Foiled Alleged $2m Blackmail Plot Against Me — Wike
According to the former Rivers State governor, politics is not about sin but about recognising mistakes and making the right decisions.
“I don’t know what you mean by sin. In politics, there is no sin. If someone realises they made a mistake and decides to correct it, there is nothing wrong with that. Politics is not a sin. What matters is recognising that you were on the wrong path and making the right decision,” Wike said.
Wike recalled that he had predicted the reconciliation before Fubara publicly announced it, maintaining that the governor had no choice but to return to the political structure that produced him.
“I said during my last media chat that he had no other choice but to return to the same political family that produced him. I have now been informed that he has made that declaration publicly, and we welcome him. Our doors are open. Everyone is welcome for us to work together. There is no better alternative. We will all work together to move the state forward,” he stated.
The FCT minister added that Fubara’s public declaration of reconciliation would further strengthen efforts to mobilise support for President Bola Tinubu’s re-election ahead of the 2027 general election.
“He has publicly stated that he has returned to where he started, and we receive him with an open mind. There is nothing to hide. We will all work together to ensure that we deliver the votes President Tinubu needs for his re-election,” Wike added.
The minister spoke while inspecting major infrastructure projects in the FCT, including the ISEX Road Corridor and the nearly completed Apo-Karshi Road.
Expressing satisfaction with the pace of work, Wike said the Tinubu administration remains committed to completing inherited projects rather than abandoning them, noting that continuity in governance is essential for development.
He explained that the ISEX Road project, awarded in 2014 but left incomplete by previous administrations, is expected to be partially completed before the end of the year if the necessary funds are released.
Wike stressed that completing ongoing infrastructure projects would protect public investments, improve connectivity and accelerate economic growth across the Federal Capital Territory.






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