The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its governor, Olayemi Cardoso, seven days to account for $6.23m in allegedly diverted or unaccounted-for election funds and over N1.63tn in other public funds. This demand was made in a letter dated September 26, 2026, and signed by SERAP's Deputy Director, Kolawole Oluwadare. The allegations were documented in Volume II of the Auditor-General of the Federation's 2023 Annual Report.
According to SERAP, the funds include over N1.25 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in unrecovered loans to distressed and liquidated banks, N262.86 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 urged Cardoso and the CBN to account for these funds and disclose the details of the beneficiaries, amounts disbursed, and any recovery measures.
SERAP also urged the CBN governor and the bank to account for the N262.86 billion disbursed under the Anchor Borrowers' Programme, including the names and number of beneficiaries and participating 'Anchors,' amounts disbursed, utilisation, monitoring arrangements, and any recovery measures. The organisation cited the Auditor-General's findings, which raise serious concerns about the management and accountability of public resources and potential violations of the Nigerian Constitution 1999, national anti-corruption laws, and Nigeria's obligations under the UN Convention against Corruption.
On the alleged election funding, SERAP urged Cardoso and the CBN to account for the $6.23 million reportedly 'spent following a purported request for election funding by former President Muhammadu Buhari' and publish the findings of the internal investigation into the alleged fraud, including measures taken to recover the funds and establish responsibility. The organisation said the accountability of public institutions, including the CBN, is a crucial pillar of Nigeria's constitutional democracy.
The Auditor-General's findings covered various periods between January and December 2023 and included the alleged failure of the CBN to recover N1.25tn in intervention loans granted to different states, and N116.18bn in loans granted to distressed and liquidated banks. The organisation also cited an alleged failure by the CBN to provide the list and number of beneficiaries of the Anchor Borrowers' Programme and its impact for audit assessment.
SERAP said the CBN had clear legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost. The organisation urged the CBN to identify those responsible for the affected funds, take appropriate disciplinary action, and refer suspected criminal conduct to the relevant authorities.
SERAP also called for the recovery and remittance to the treasury of any funds found to have been diverted, lost or unaccounted for. The organisation said it would take appropriate legal action if the CBN failed to respond within the seven-day ultimatum.
Key points
- The Socio-Economic Rights and Accountability Project demands that the Central Bank of Nigeria account for $6.23m in allegedly diverted or unaccounted-for election funds and over N1.63tn in other public funds.
- The allegations were documented in Volume II of the Auditor-General of the Federation's 2023 Annual Report, published on August 7, 2026.
- SERAP gave the CBN seven days to respond or face appropriate legal action.
