The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to explain the whereabouts of $6.23m in alleged election-related expenditure and more than N1.63tn in other public funds identified in the 2023 audit report of the Auditor-General for the Federation.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, warning that failure to provide the requested explanations could lead to legal action.
The organisation said the allegations were contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026, covering various transactions between January and December 2023.
The funds identified include more than N1.25tn in CBN intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, N262.86bn under the Anchor Borrowers’ Programme and $6.23m linked to an alleged fraudulent request for election funding purportedly made in the name of former President Muhammadu Buhari.
SERAP urged the CBN to provide details of the beneficiaries of the state intervention loans, the amounts disbursed, the recovery measures taken and the current status of the funds.
“The CBN has clear legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost,” the organisation said.
On the Anchor Borrowers’ Programme, SERAP demanded information on the beneficiaries and participating anchors, amounts released, utilisation of the funds, monitoring arrangements and steps taken to recover outstanding sums.
The group also called for an explanation of the $6.23m allegedly spent following a purported request for election funding, as well as the release of the findings of any internal investigation into the transaction.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
It added, “The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.”
According to SERAP, the Auditor-General’s report raised concerns about the CBN’s failure to recover N1,252,095,444,724.82 in intervention loans granted to various state governments.
The organisation said the Auditor-General had expressed concern that the funds could have been diverted for private purposes and recommended their recovery and remittance to the treasury.
SERAP further cited the reported failure by the CBN to recover N116.18bn in loans granted to distressed and liquidated banks, as well as its failure to provide audited or draft financial statements and recovery schedules for the loans for scrutiny.
The group also raised concerns over N262,859,473,249.81 reportedly disbursed under the Anchor Borrowers’ Programme, saying the Auditor-General found that the funds remained with some anchors and that the CBN had not provided the list and number of beneficiaries or the programme’s impact for audit assessment.
On the alleged election-related payment, SERAP said the Auditor-General reported that the CBN failed to investigate an alleged fraud at its Abuja branch involving $6.23m.
According to the organisation, the CBN’s internal audit reportedly found that the money was spent based on a request for election funding purportedly made by Buhari.
“The CBN failed to make the investigation report of the alleged fraud available to the audit team for scrutiny and confirmation,” SERAP said, citing the Auditor-General’s findings.
The organisation also demanded an account of seven boxes of currency notes classified as “Awaiting Examination,” which the Auditor-General reportedly said the CBN had failed to account for.
SERAP said the audit report further identified abandoned unserviceable vehicles at the CBN’s Lagos branch and an unserviceable bullion van at its Abeokuta branch, with the Auditor-General calling for evidence of their disposal and replacement.
The rights group argued that the CBN’s institutional independence did not exempt it from constitutional auditing, statutory accounting requirements or investigations into credible allegations of financial misconduct.
“The CBN’s institutional independence cannot reasonably be understood as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of financial misconduct,” SERAP said.
It urged Cardoso and the CBN to identify those responsible for any affected funds, take disciplinary action where appropriate and refer suspected criminal conduct to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and other competent authorities.
SERAP also called for an independent forensic reconciliation of the funds identified in the Auditor-General’s report and urged the CBN to preserve all records relating to the transactions and investigations.
“The findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying responsibility and securing recovery where public funds have been unlawfully lost,” the organisation said.
SERAP cited provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption in support of its demand for transparency and accountability.
The organisation said identifying those responsible, prosecuting suspected wrongdoing and recovering missing or unaccounted-for funds would promote accountability in the management of public resources.
“Nigerians have the right to know the whereabouts and status of public funds,” SERAP said, urging the CBN to take measures that would promote accountability, recovery and safeguards against future losses.
