The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) to account for $6.23 million and ₦1.63 trillion in public funds. The funds, documented in the Auditor-General of the Federation's 2023 Annual Report, were allegedly diverted or unaccounted for. SERAP's deputy director, Kolawole Oluwadare, signed the letter dated 26 September 2026, urging CBN Governor Olayemi Cardoso to take immediate action.
The Auditor-General's report, published on 7 August 2026, revealed that the CBN failed to recover over ₦1.25 trillion in intervention loans granted to state governments. Additionally, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers' Programme were also unaccounted for. The report covered the period from January to December 2023. SERAP is demanding that the CBN account for these funds and disclose the beneficiaries, amounts disbursed, and recovery measures.
The $6.23 million allegedly spent on election funding, purportedly requested by former President Muhammadu Buhari, is also under scrutiny. SERAP is urging the CBN to investigate the alleged fraud, publish the findings, and take measures to recover the funds. The organisation believes that the CBN's institutional independence does not exempt it from constitutional audit, statutory accounting requirements, and public financial oversight.
SERAP's letter emphasised that the accountability of public institutions, including the CBN, is crucial to Nigeria's constitutional democracy. The organisation expressed concerns about the management and accountability of public resources, citing potential violations of the Nigerian Constitution and national anti-corruption laws. The letter also requested that the CBN identify those responsible for the affected public funds and take disciplinary action.
The CBN's failure to provide the list and number of beneficiaries of the Anchor Borrowers' Programme and the impact of the programme has raised concerns. The Auditor-General fears that the ₦262.86 billion disbursed under the programme may have been diverted to private purposes. SERAP is urging the CBN to undertake an independent forensic reconciliation of the sums identified by the Auditor-General.
The Socio-Economic Rights and Accountability Project is also demanding that the CBN refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC). The organisation believes that the CBN's spending of public funds must remain subject to effective constitutional oversight, transparency, and accountability.
The seven-day ultimatum given to the CBN is a call to action for the bank to provide transparency and accountability in its management of public funds. Failure to comply may lead to legal action.
Key points
- The CBN has seven days to account for $6.23 million and ₦1.63 trillion in allegedly diverted or unaccounted-for public funds.
- The funds in question include ₦1.25 trillion in unrecovered CBN intervention loans to state governments and ₦262.86 billion disbursed under the Anchor Borrowers' Programme.
- SERAP is demanding that the CBN investigate the alleged fraud, publish the findings, and take measures to recover the funds.
