SERAP Issues 7-Day Utimatum To CBN Over Alleged ₦1.63Trn, $6.23m Missing Funds
By Sunday Sunday
The Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, explain within seven days what became of $6.23 million in allegedly diverted election funds and more than ₦1.63 trillion in other public funds, warning that failure to do so would leave the organisation no choice but to pursue appropriate legal action.
SERAP, in a statement on Sunday, explained that the allegations were drawn from Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026, with findings that the Auditor-General says variously cover the period from January to December 2023.
According to SERAP, the funds in question comprise over ₦1.25 trillion in unrecovered CBN intervention loans disbursed to state governments, ₦116.18 billion in unrecovered loans extended to distressed and liquidated banks, ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, and $6.23 million in payments linked to an alleged fraudulent election funding request purportedly made by former President Muhammadu Buhari.
The organisation called on Cardoso and the CBN to account for the ₦1.25 trillion in intervention loans to states as well as the ₦116.18 billion in loans to distressed and liquidated banks, and to disclose details of the beneficiaries, amounts disbursed, and any measures taken toward recovery.
SERAP similarly urged the bank to account for the ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating “Anchors,” the amounts disbursed, how the funds were utilised, what monitoring arrangements were in place, and any recovery measures undertaken.
On the $6.23 million in question, SERAP asked the CBN to account for the funds reportedly spent following a purported request for election funding by former President Buhari, and to publish the findings of its internal investigation into the alleged fraud, including any steps taken to recover the money and establish responsibility.
In a letter dated September 26, 2026, and signed by its deputy director, Kolawole Oluwadare, SERAP stated that the accountability of public institutions, including the CBN, remains a crucial pillar of Nigeria’s constitutional democracy.
The organisation said the magnitude and nature of the Auditor-General’s findings demand urgent, independent and transparent action, noting that they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
SERAP argued that the findings raise serious concerns about the management and accountability of public resources, and potential violations of the 1999 Constitution as amended, Nigeria’s national anti-corruption laws, and its obligations under the UN Convention against Corruption.
The letter stated that public resources on the scale identified by the Auditor-General require a credible investigation capable of establishing the facts, identifying responsibility, and securing recovery wherever public funds have been unlawfully lost.
SERAP urged Cardoso and the CBN to identify those responsible for the affected funds, take appropriate disciplinary action, refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other relevant authorities, and ensure that any diverted, lost or unaccounted-for funds are fully recovered and remitted to the treasury.
The organisation also called on the CBN to undertake or support an independent forensic reconciliation of the sums identified by the Auditor-General, involving relevant oversight and law enforcement institutions where necessary, and to preserve all records connected to the transactions under scrutiny.
SERAP insisted that the CBN’s institutional independence cannot reasonably be interpreted as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information, or investigation of credible allegations of financial misconduct.
It maintained that the bank has a clear legal obligation to account for each amount identified by the Auditor-General, explain the basis of each transaction, identify the persons or entities that received or benefited from the funds, and disclose the measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost.
According to the group, the spending of public funds by the CBN must remain subject to effective constitutional oversight, transparency and accountability, adding that the substantial sums identified by the Auditor-General as unrecovered or otherwise unaccounted for cannot be shielded from constitutional safeguards.
Citing the Auditor-General’s findings in detail, SERAP noted that the CBN failed to recover over ₦1.2 trillion, specifically ₦1,252,095,444,724.82, in intervention loans granted to various states in 2023, with the Auditor-General fearing the money may have been diverted to private purposes and recommending its recovery and remittance to the treasury.
The report also found that the CBN failed to recover over ₦116 billion, precisely ₦116,179,000,000.00, in loans granted to distressed and liquidated banks, and failed to present its 2023 audited or draft financial statements along with a schedule of recoveries and outstanding balances to the audit team for scrutiny, again raising fears that the funds may have been diverted.
On the Anchor Borrowers’ Programme, the CBN reportedly spent over ₦262 billion, or ₦262,859,473,249.81, meant to support farmers and boost food production, but the funds remain in the hands of some “Anchors,” a situation the Auditor-General warned could hamper the programme’s food security objectives. The CBN also failed to provide the list and number of beneficiaries or evidence of the programme’s impact for audit assessment.
On the $6.23 million election funding allegation, the report noted that the CBN failed to investigate an alleged fraud at its Abuja branch office involving the sum, which its own internal audit disclosed was spent based on a request for election funding purportedly made by former President Buhari.
The CBN reportedly failed to make its investigation report available to the audit team, prompting the Auditor-General to fear that the money may have been lost through fraudulent payments and to recommend its recovery.
The Auditor-General’s report additionally flagged the CBN’s failure to account for seven boxes of Awaiting Examination currency notes, warning that this could lead to further mismanagement and recommending sanctions for gross misconduct.
It also cited abandoned unserviceable vehicles at the bank’s Lagos branch and an abandoned bullion van at its Abeokuta branch office, both of which it said could hamper efficient branch operations and delay critical currency operations.
SERAP pointed to Section 15(5) of the Nigerian Constitution, which requires the state to abolish all corrupt practices and abuse of power, as well as Section 13, which obliges all organs of government to observe and apply the provisions of Chapter II of the Constitution.
It also cited provisions of the CBN Act 2007, including Section 7(2), which places responsibility on the Governor and Deputy Governors for ensuring accurate records of the bank’s transactions, assets, liabilities and valuables, alongside Sections 49 and 50, which govern the audit of the bank’s accounts and its annual reporting obligations.
The organisation further noted that Nigeria has made binding commitments under the UN Convention against Corruption, with Articles 5 and 9 obliging states to develop effective anti-corruption policies and ensure the proper management of public affairs and funds.
SERAP maintained that identifying those responsible, ensuring perpetrators face justice, and securing full recovery of missing or unaccounted-for public funds would serve the public interest and help address impunity in the management of public resources, adding that Nigerians have a right to know the whereabouts and status of such funds.
