The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Central Bank of Nigeria (CBN) to court over its alleged failure to account for $6.23 million in election-related funds and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
In the suit filed at the Federal High Court in Abuja, SERAP is seeking an order of mandamus compelling the apex bank to account for the funds, disclose their beneficiaries and provide details of investigations into the alleged financial irregularities.
The suit, marked FHC/ABJ/CS/2450/2026, followed findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026.
According to SERAP, the funds in question include $6.23 million allegedly spent following a request for election funding purportedly made by former President Muhammadu Buhari, ₦1.25 trillion in unrecovered intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.
The organisation said the Auditor-General raised concerns about the whereabouts of the funds, the failure to provide supporting documents for audit scrutiny and the possibility that some of the money had been diverted or improperly spent.
SERAP is asking the court to compel the CBN to disclose the purposes of the transactions, the identities of beneficiaries, the repayment status of the loans, recovery measures taken and the findings of the bank’s internal investigation into the alleged election-funding fraud.
It is also seeking an order requiring the CBN to identify officials and other individuals who approved and disbursed the affected funds and disclose any disciplinary or administrative action taken against those found responsible.
The organisation further wants the bank to account for seven boxes of currency notes awaiting examination, as well as unserviceable vehicles reportedly abandoned at its Lagos branch and a bullion van at its Abeokuta branch.
In its court filings, SERAP argued that accountability by public institutions, including the CBN, was fundamental to Nigeria’s constitutional democracy.
“The magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” the organisation said.
On the $6.23 million, SERAP cited the Auditor-General’s report as stating that the CBN failed to investigate an alleged fraud at its Abuja branch involving $6,230,000.
The report reportedly stated that the bank’s internal audit found that the money had been spent following a request for election funding purportedly made by Buhari. However, the CBN allegedly failed to make its investigation report available to the audit team for scrutiny and confirmation.
The Auditor-General expressed concern that the money might have been lost through fraudulent payments and recommended its recovery and remittance to the treasury.
Regarding intervention loans to state governments, SERAP said the report identified ₦1.252 trillion in outstanding funds that the CBN had failed to recover. The Auditor-General reportedly warned that the money might have been diverted to private purposes and recommended its recovery.
The report also raised concerns about ₦116.179 billion in loans granted to distressed and liquidated banks. According to SERAP, the CBN failed to provide its 2023 audited or draft financial statements and a schedule of recoveries and outstanding balances to enable the audit team to verify the status of the loans.
On the Anchor Borrowers’ Programme, which was designed to support farmers and boost food production, SERAP said the Auditor-General identified ₦262.86 billion in expenditure requiring further explanation.
The report reportedly found that the funds remained with some programme anchors and that the CBN failed to provide the list and number of beneficiaries or evidence of the programme’s impact for audit assessment.
The Auditor-General warned that the situation could undermine the programme’s food-security objectives and recommended the recovery of the outstanding funds.
SERAP also cited findings concerning the CBN’s failure to account for seven overdue boxes of currency notes awaiting examination. The Auditor-General reportedly warned that the situation could lead to mismanagement of funds and recommended sanctions for gross misconduct.
The report further identified unserviceable vehicles abandoned at the CBN’s Lagos branch and a bullion van at its Abeokuta branch, warning that their condition could hamper branch operations and delay critical currency-related activities.
SERAP argued that the CBN’s institutional independence should not exempt it from constitutional oversight, statutory accounting requirements or investigations into credible allegations of financial misconduct.
“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.
The group also relied on provisions of the 1999 Constitution, the CBN Act 2007 and the United Nations Convention against Corruption to support its demand for transparency and accountability.
It cited Section 15(5) of the Constitution, which requires the state to abolish corrupt practices and abuse of power, alongside provisions of the CBN Act concerning the bank’s accounts, financial reporting and audit obligations.
SERAP said identifying those responsible for any established wrongdoing, ensuring that perpetrators were brought to justice and recovering public funds found to have been unlawfully lost would serve the public interest.
The organisation is represented by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
No date has been fixed for the hearing of the suit.
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