The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, seven days to account for $6.23 million allegedly spent on election funding and more than N1.63 trillion in other public funds. This demand was made in a letter dated September 26, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare. The allegations are contained in Volume II of the Auditor-General of the Federation's 2023 Annual Report.
The funds under scrutiny include N1.25 trillion in CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and N262.86 billion disbursed under the Anchor Borrowers' Programme. Additionally, $6.23 million was linked to an alleged election-funding request purportedly made in the name of former President Muhammadu Buhari. SERAP said the CBN failed to make available its investigation report on the alleged fraud to the Auditor-General's audit team for scrutiny and confirmation.
On the alleged election funding, SERAP said the Auditor-General reported that the CBN's internal audit had disclosed that $6.23 million was spent following a request purportedly made by Buhari. The organisation demanded that the CBN publish the findings of its internal investigation, disclose measures taken to recover the money, and identify those responsible if wrongdoing is established. SERAP also demanded an account of more than N1.25 trillion in intervention loans granted to various state governments.
The Auditor-General reportedly expressed concern that the funds could have been diverted to private purposes and recommended their recovery and remittance to the treasury. Similarly, SERAP asked the CBN to account for N116.18 billion in loans granted to distressed and liquidated banks. The organisation said the Auditor-General had faulted the CBN for failing to provide its 2023 audited or draft financial statements and a schedule showing recoveries and outstanding balances on the loans for audit scrutiny.
On the Anchor Borrowers' Programme, SERAP said N262.86 billion was disbursed to support farmers and boost food production, but the Auditor-General found that the funds remained with some "Anchors." The organisation said the CBN also failed to provide the list and number of beneficiaries, assess the programme's impact, or recover the funds, prompting concerns that the money could have been diverted to private purposes.
SERAP urged Cardoso and the CBN to conduct or support an independent forensic reconciliation of the funds identified in the Auditor-General's report. The organisation further called for the preservation of records relating to the transactions and investigations, as well as the identification of individuals or entities that received or benefited from the funds. SERAP argued that the CBN's institutional independence could not shield it from constitutional audit, statutory accounting requirements, or investigations into credible allegations of financial misconduct.
Beyond the funds, SERAP said the Auditor-General's report raised other concerns about the CBN, including seven boxes of "Awaiting Examination" currency notes, unserviceable vehicles at its Lagos branch, and an abandoned bullion van at its Abeokuta branch. The organisation maintained that Nigerians had a right to know the whereabouts and status of public funds and urged the CBN to provide comprehensive explanations, recover any funds found to have been improperly lost, and ensure accountability for those responsible.
Key points
- - The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) 7 days to account for $6.23m election funds and N1.63 trillion public funds. - The funds under scrutiny include N1.25 trillion in CBN intervention loans to state governments and N262.86 billion disbursed under the Anchor Borrowers' Programme. - Failure by the CBN to provide satisfactory explanations within the seven-day ultimatum would lead to "appropriate legal action."
