The Socio Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over alleged failure to account for $6.23 million election funds and over N1.63 trillion in other public funds.
The suit filed last Friday at Federal High Court Abuja with number FHC/ABJ/CS/2450/2026 followed allegations documented in Volume II of Auditor General of the Federation 2023 Annual Report published on August 7, 2026 covering January to December 2023.
According to SERAP, funds in question include $6.23 million in payments linked to alleged fraudulent election funding request purportedly made by former President Muhammadu Buhari, over N1.25 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and N262.86 billion disbursed under Anchor Borrowers Programme.
In the suit filed by its lawyers Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu, SERAP is seeking order of mandamus to compel CBN to account for $6.23 million allegedly diverted or unaccounted for election funds and over N1.63 trillion in other public funds.
The group also seeks an order compelling CBN to disclose purposes, beneficiaries, repayment status, recovery measures and findings of internal investigation into alleged election funding fraud, as well as identify officers who approved and disbursed affected funds and disclose disciplinary action taken.
SERAP further seeks disclosure of records concerning seven boxes of currency notes awaiting examination and abandoned unserviced vehicles at Lagos branch and bullion vans at Abeokuta branch.
It argued that accountability of public institutions including CBN is a crucial pillar of constitutional democracy and that allegations suggest grave violations of public trust, Constitution, CBN Act, anti-corruption laws and UN Convention against Corruption.
SERAP said the magnitude of findings raises questions about custody, expenditure, accounting and recovery of public resources, adding that CBN institutional independence cannot be immunity from constitutional audit and financial oversight.
It stated that the Auditor General found CBN failed to investigate alleged fraud at Abuja Branch amounting to $6.23 million spent based on a request for election funding purportedly made by the former president and failed to make the investigation report available for scrutiny, with fear money may be lost and payments fraudulent.
Other findings cited include failure to recover over N1.25 trillion intervention loans to states, N116.18 billion loans to distressed and liquidated banks without presenting 2023 audited statements, N262.86 billion under Anchor Borrowers Programme remaining with anchors without list of beneficiaries and impact assessment, failure to account for seven boxes of awaiting examination currency notes, and abandonment of unserviceable vehicles and bullion vans at Lagos and Abeokuta branches.
SERAP said CBN has legal obligations under sections of Constitution and CBN Act including ensuring true accounts of transactions and audit of accounts, and under Articles 5 and 9 of UN Convention against Corruption to ensure proper management of public funds.
