The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria over its alleged failure to account for $6.23m in election-related funds and more than ₦1.63tn in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
In the suit, numbered FHC/ABJ/CS/2450/2026 and filed at the Federal High Court in Abuja last Friday, the organisation is seeking an order compelling the apex bank to disclose details of the funds, including their disbursement, beneficiaries, repayment status and efforts to recover outstanding amounts.
SERAP is also asking the court to compel the CBN to disclose the findings of its internal investigation into an alleged election-funding fraud, identify the officers and other individuals responsible for approving and disbursing the money, and state any disciplinary or administrative measures taken.
The suit followed an Auditor-General’s report published on August 7, 2026, which raised concerns about several transactions and unrecovered loans involving the CBN between January and December 2023.
The flagged funds include $6.23m allegedly linked to a fraudulent election-funding request purportedly made by former President Muhammadu Buhari, ₦1.252tn in intervention loans to state governments, ₦116.18bn in loans to distressed and liquidated banks, and ₦262.86bn disbursed under the Anchor Borrowers’ Programme.
SERAP also wants the court to compel the CBN to account for seven boxes of currency notes awaiting examination, abandoned and unserviceable vehicles at its Lagos branch, and an unserviceable bullion van at its Abeokuta branch.
Alleged $6.23m Election-Funding Fraud
According to the Auditor-General’s report, the CBN failed to investigate an alleged fraud involving $6.23m at its Abuja branch.
The report stated that the bank’s internal audit had indicated that the money was spent following a request for election funding purportedly made by Buhari.
However, the CBN reportedly failed to provide the audit team with the investigation report for examination and confirmation.
The Auditor-General expressed concern that the funds might have been lost through fraudulent payments and recommended their recovery and remittance to the treasury.
SERAP argued that the findings warranted a credible investigation to establish what happened, identify those responsible and recover any public funds found to have been unlawfully disbursed.
“The CBN has 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.
₦1.25tn State Loans, ₦262.86bn Anchor Borrowers’ Funds
The Auditor-General’s report also flagged ₦1.252tn in intervention loans granted to state governments, which it said the CBN had failed to recover.
The report raised concerns that the funds might have been diverted to private purposes and recommended their recovery and remittance to the treasury.
Another ₦116.18bn in loans reportedly granted to distressed and liquidated banks remained unrecovered.
The CBN also allegedly failed to provide its 2023 audited or draft financial statements and a schedule showing recoveries and outstanding loan balances for the audit team’s scrutiny.
On the Anchor Borrowers’ Programme, the report identified ₦262.86bn spent under the initiative established to support farmers and increase food production.
According to the Auditor-General, some of the funds remained with programme anchors, raising concerns about whether the money had achieved its intended food-security objectives.
The report further stated that the CBN failed to provide a list and number of beneficiaries or evidence of the programme’s impact for audit assessment.
It recommended that the funds be recovered, citing concerns that they might have been diverted for private purposes.
CBN Asked to Account for Currency Notes, Vehicles
The Auditor-General also flagged seven boxes of currency notes awaiting examination, which the CBN reportedly failed to account for.
The report warned that the situation could increase the number of outstanding currency notes awaiting examination and create risks of financial mismanagement. It recommended sanctions for gross misconduct.
At the CBN’s Lagos branch, the report identified abandoned and unserviceable vehicles, warning that their condition could affect operations and delay critical currency-related activities.
It called on the bank to provide evidence that the vehicles had been disposed of or replaced.
A similar concern was raised over an unserviceable bullion van at the CBN’s Abeokuta branch. The vehicle reportedly remained on the branch’s records, prompting the Auditor-General to request evidence of its disposal or replacement.
SERAP Cites Constitutional Obligations
SERAP said the audit findings raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It maintained that the CBN’s institutional independence did not exempt it from constitutional audits, statutory accounting requirements, public financial oversight or investigations into credible allegations of fraud and financial misconduct.
The organisation cited Sections 13 and 15(5) of the 1999 Constitution, as amended, alongside provisions of the Central Bank of Nigeria Act 2007 governing the bank’s accounts, assets, financial reporting and management.
SERAP also referenced Nigeria’s obligations under the United Nations Convention against Corruption, particularly provisions concerning anti-corruption policies and the proper management of public funds.
It argued that identifying those responsible, ensuring accountability and recovering any missing or unaccounted-for funds would serve the public interest.
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.
