The Central Bank of Nigeria has announced Monday and Tuesday, July 21 and 22, 2025, as the 301st Monetary Policy Committee meeting.

The apex bank disclosed this in a notice released on its official website at the weekend.

The MPC meeting, which is CBN’s highest decision-making body, would meet in Abuja to take on the country’s interest rate and inflation.

Accordingly, the apex will decide whether to sustain the interest rate pause and other monetary policy measures or tighten measures.

Nigeria’s inflation rate fell in May to 22.97 percent.

In the 300th MPC meeting, the Olayemi Cardoso-led CBN retained the interest rate at 27.50 percent upon the inflation rate drop.

The House of Representatives Public Accounts Committee on Friday, directed the Central Bank of Nigeria to remit the sum of N3.64tn to the Federal Government within 14 days.

The amount, according to the Committee, represents 70% of an outstanding N5.2tn in unpaid operating surplus for the period spanning 2016 to 2022.

The decision was taken following the appearance of the apex bank team, led by Deputy Governor of Operations Directorate, Bala Bello, and the Finance Minister of Finance, Wale Edun, before a Joint Committee of PAC and Public Assets on Wednesday.

During the session, the panel grilled the CBN on its failure to remit operating surplus funds and its management of unclaimed dividends and dormant account balances.

A formal letter addressed to the CBN Governor, Yemi Cardoso signed by the Chairmen of the Public Accounts and Public Assets Committees, Bamidele Salam and Ademorin Aliyu, accused the bank of withholding N5.2tn due to the Federal Government.

The letter is titled “Investigation of non-compliance with Fiscal Responsibility Act 2007 and Finance Act 2020 on the remittance of operating surplus and management of unclaimed dividends and dormant Account Balances by the Central Bank of Nigeria.”

The letter read, “Further to your appearance before the Joint Committee on Wednesday, 25th June 2025, on the above subject matter, the Committees hereby direct as follows:

“Please note that the Auditor General for the Federation, in the performance of its constitutional mandate, reported to the House of Representatives a liability of N5.2tn in operating surplus due to the Federal Government of Nigeria for the years 2016 to 2022.

“This finding is corroborated by the Fiscal Responsibility Commission in a separate report submitted to the National Assembly. This represents a clear and unacceptable violation of the provisions of the Fiscal Responsibility Act 2007 (as amended).

“In a similar vein, it is pertinent to recall that the Finance Act 2020 mandates that dividends of all listed companies in Nigeria, which have remained unclaimed for six years or more, as well as balances in accounts dormant for six years in Deposit Money Banks, shall be transferred to an established fund known as the Unclaimed Funds Trust Fund.

“This fund is to be administered by a Governing Council comprising the Honourable Minister of Finance, the Debt Management Office, and other relevant bodies.

“The Honourable Minister of Justice and Attorney General of the Federation, via a legal opinion, confirmed that the Finance Act 2020 is the relevant law governing the control and management of dormant account balances under the oversight of the Governing Council. This contradicts the CBN’s position that the Banks and Other Financial Institutions Act 2020 grants it the authority to manage and control dormant account balances.”

Consequently, the Committee urged CBN to “Remit the sum of N3.64tn to the Federal Government, being 70% of the N5.2tn in unpaid operating surplus, within 14 days from the date of receipt of this letter. This directive stands pending the final reconciliation of figures by all parties involved.

“The CBN shall furnish the Joint Committee with the total value of unclaimed dividends and dormant account balances on or before June 30, 2025. Punch

The federal government through the Office of the Attorney General of the Federation and Minister of Justice has officially withdrawn criminal charges against Dr. Nneka Onyeali-Ikpe, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, following a legal review that found no direct connection between her and the allegations in question.

In a statement released on Monday by Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity in the Office of the Attorney-General of the Federation, the AGF clarified that the decision to discontinue the case was made in accordance with constitutional provisions.

“The Attorney General’s decision to discontinue the criminal charge against Dr. Nneka Onyeali-Ikpe is a testament to the office’s commitment to upholding justice and fairness,” the statement read.

The statement stated that the power to enter a nolle prosequi, a formal notice of discontinuation is constitutionally granted to the Attorney General when such action is necessary to prevent a miscarriage of justice.

The charges were said to be an alleged fraudulent scheme involving a bank account allegedly opened and used long before Dr. Onyeali-Ikpe assumed leadership of Fidelity Bank. “She was neither the account officer nor the Managing Director of the bank when the account used in the alleged scheme of fraud was opened,” the statement noted.

But the AGF made it clear that the withdrawal of charges against Dr. Onyeali-Ikpe does not absolve Fidelity Bank as an institution from facing the legal consequences of the allegations.

“This decision does not exculpate Fidelity Bank from the allegations contained in the charge, which is still pending before the court,” the statement clarified, adding that the focus remains on ensuring justice is served.

The public has been urged to allow the judicial process to take its course and to avoid speculation. The AGF reaffirmed its commitment to upholding the rule of law, stressing that “all those found wanting, at any time, face the full weight of the law to serve as a deterrent to others,” the statement said.