SERAP sues CBN over alleged unaccounted $6.23m election funds, ₦1.63tn in other public funds

Crime Diary, News

ABUJA, Nigeria (NPA) — The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking an order compelling the apex bank to account for $6.23 million in allegedly unaccounted-for election funds and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 report.

The suit follows findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026, covering issues recorded between January and December 2023.

SERAP is asking the Federal High Court in Abuja to compel the CBN to explain the whereabouts and use of the funds, disclose the beneficiaries and repayment status of affected loans, and reveal measures taken to investigate alleged financial irregularities and recover outstanding amounts.

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The organisation is also seeking the identification of officials responsible for approving and disbursing the funds, as well as details of any disciplinary or administrative action taken.

In the suit, numbered FHC/ABJ/CS/2450/2026 and filed last Friday, SERAP is further asking the court to order the CBN to disclose records relating to seven boxes of currency notes awaiting examination, unserviceable vehicles reportedly abandoned at its Lagos branch and a bullion van at its Abeokuta branch.

According to SERAP, the Auditor-General’s report identified several areas requiring explanation, including:

• $6.23 million: Payments linked to an election-funding request purportedly made by former President Muhammadu Buhari, which the Auditor-General said required investigation.
• ₦1.25 trillion: Intervention loans granted to state governments that the CBN reportedly failed to recover.
• ₦116.18 billion: Loans to distressed and liquidated banks that were reportedly not recovered.
• ₦262.86 billion: Funds disbursed under the Anchor Borrowers’ Programme, for which the CBN reportedly failed to provide a complete list of beneficiaries and an assessment of the programme’s impact.

The Auditor-General reportedly raised concerns that some of the funds could have been lost or diverted to private purposes and recommended recovery of outstanding amounts and their remittance to the treasury.

On the alleged election-funding payments, the report said the CBN’s internal audit had disclosed that the money was spent following a request purportedly made by Buhari. However, the bank reportedly failed to provide its investigation report to the audit team for scrutiny and confirmation.

The report also raised concerns over the Anchor Borrowers’ Programme, saying some funds remained with participating “anchors”, potentially undermining the programme’s food-security objectives.

SERAP argued that public institutions, including the CBN, must remain subject to constitutional oversight, statutory accounting requirements and public scrutiny.

“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said in its suit.

It added that the allegations raised fundamental questions about the custody, expenditure, safeguarding and recovery of public resources.

SERAP also argued that the CBN’s institutional independence should not exempt it from financial audits, transparency requirements or investigations into credible allegations of fraud and financial misconduct.

The organisation cited provisions of the 1999 Constitution, the CBN Act 2007 and the United Nations Convention against Corruption in support of its position.

It maintained that the bank had a legal obligation to account for the amounts identified by the Auditor-General, explain the basis for the transactions, identify the individuals or entities that received the funds and disclose steps taken to investigate and recover any money found to have been improperly paid or lost.

Beyond the disputed funds, the Auditor-General reportedly raised concerns about seven boxes of currency notes awaiting examination, warning that the failure to account for them could lead to mismanagement and recommending sanctions for gross misconduct.

The report also flagged unserviceable vehicles reportedly abandoned at the CBN’s Lagos branch and an unserviceable bullion van at its Abeokuta branch.

According to the findings cited by SERAP, the condition of the vehicles could hamper branch operations and delay critical currency-related activities. The Auditor-General reportedly requested evidence of their disposal or replacement.

SERAP said identifying those responsible for any established financial misconduct, recovering missing public funds and ensuring accountability would serve the public interest and help curb the mismanagement of public resources.

The suit was filed on SERAP’s behalf by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.

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

As of the time of filling this report, the CBN has not issued a statement over the allegations.