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The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over its alleged failure to account for $6.23 million in election-related funds and more than N1.63 trillion in other public funds identified by the Auditor-General of the Federation.
The suit followed findings contained in Volume II of the Auditor-General’s 2023 Annual Report, which was published on August 7, 2026.
The funds include $6.23 million linked to an election-funding request, over N1.25 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion under the Anchor Borrowers’ programme.
SERAP is seeking an order compelling the CBN to account for the funds, disclose their purposes, beneficiaries, repayment status and recovery measures, and identify officers responsible for approving and disbursing them.
The organisation is also seeking disclosure of records relating to seven boxes of currency notes awaiting examination, abandoned vehicles at the CBN’s Lagos branch and an unserviceable bullion van at its Abeokuta branch.
SERAP argued that “the accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.”
It added that “the magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.”
The group said the CBN’s independence “cannot reasonably be understood as immunity from constitutional audit, statutory accounting requirements, public financial oversight” or investigation of credible allegations.
No date has been fixed for hearing of the suit.
This version keeps the focus on SERAP’s legal action and the Auditor-General’s findings without portraying the allegations as established wrongdoing.
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