The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, a seven-day ultimatum to account for $6.23 million in allegedly diverted or unaccounted-for election funds and over ₦1.63 trillion in other public funds. This was stated in a letter to the CBN governor, referencing Volume II of the Auditor-General of the Federation’s 2023 Annual Report published on August 7, 2026.
According to the Auditor-General's report, the funds in question cover the period from January to December 2023 and include over ₦1.25 trillion in unrecovered CBN intervention loans to state governments. Additionally, ₦116.18 billion in unrecovered loans 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 are also part of the funds in question.
SERAP has urged Mr Cardoso and the CBN to account for over ₦1.25 trillion in intervention loans to states and ₦116.18 billion in loans to distressed and liquidated banks. They also demanded disclosure of the details of the beneficiaries, amounts disbursed, and any recovery measures taken. This move aims to ensure transparency and accountability in the management of public funds.
Furthermore, SERAP requested that the CBN governor and the bank account for the ₦262.86 billion disbursed under the Anchor Borrowers’ Programme. This includes providing the names and number of beneficiaries and participating 'Anchors,' amounts disbursed, utilisation, monitoring arrangements, and any recovery measures implemented.
The Socio-Economic Rights and Accountability Project emphasized that the allegations documented in the Auditor-General’s report are grave and necessitate immediate attention. By issuing this ultimatum, SERAP aims to prompt the CBN to provide detailed information about the funds and take necessary steps to address any discrepancies or irregularities.
If the CBN fails to account for the funds within the given timeframe, SERAP has threatened to take appropriate legal action. This move underscores the organization's commitment to ensuring accountability and transparency in the management of public funds in Nigeria.
The issue at hand highlights the ongoing challenges related to transparency and accountability in the management of public funds in Nigeria. It remains to be seen how the CBN will respond to SERAP's ultimatum and what measures will be taken to address the allegations of fund diversion.
Key points
- SERAP gives CBN 7 days to account for $6.23m election funds and ₦1.63trn public funds
- Alleged diversion of funds documented in Auditor-General of the Federation’s 2023 Annual Report
- CBN faces potential legal action if it fails to account for the funds within the given timeframe
