The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) and its governor, Olayemi Cardoso, a 7-day ultimatum to account for $6.23 million in 'diverted election funds' and N1.63 trillion in public funds. This follows the 2023 audit report of the Auditor-General, which cited irregularities in the management of public resources. SERAP's notice letter, signed by deputy director Kolawole Oluwadare, demands that the CBN and Cardoso provide details on the utilization of these funds.
Part of the missing funds includes election funds disbursed at the order of former President Muhammadu Buhari. The $6.23 million was spent based on a request for election funding purportedly made by Buhari. SERAP has asked the CBN and Cardoso to publish the findings of their internal investigation into the 'fraud' and measures taken to recover the funds and establish responsibility.
The 2023 audited report of the Auditor-General reportedly found that the CBN failed to recover over ₦1.2 trillion in 'CBN interventions loan granted to different states in 2023. The Auditor-General fears that the money may have been 'diverted to private purposes' and recommends that the money be recovered and remitted to the treasury. Additionally, the CBN reportedly failed to recover over ₦116 billion of loans granted to distressed and liquidated banks.
The CBN also reportedly spent over ₦262 billion on the Anchor Borrowers' Programme, meant to support farmers to ensure food production in the country. However, the money remains in the hands of some 'Anchors,' which could hamper the intended food-security objectives of the programme. SERAP has asked for the list and number of beneficiaries of the programme and the impact of the programme for audit assessment.
SERAP's ultimatum comes as concerns are raised about the management and accountability of public resources. The organization believes that the magnitude and nature of these findings require urgent, independent, and transparent action. They also urge Cardoso and the CBN to identify those responsible for the affected public funds, take appropriate disciplinary action, and refer suspected criminal conduct to the relevant authorities.
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 about the effectiveness of the programme. The organization's demand for transparency and accountability is aimed at ensuring that public resources are managed efficiently and effectively.
SERAP has warned that if the CBN and Cardoso fail to account for the diverted funds within the 7-day ultimatum, they will face legal action. The organization's move is aimed at promoting transparency and accountability in the management of public resources.
Key points
- The Socio-Economic Rights and Accountability Project gives the Central Bank of Nigeria 7 days to account for $6.23 million and N1.63 trillion in public funds.
- The funds include election funds disbursed at the order of former President Muhammadu Buhari.
- The CBN's failure to recover the funds has raised concerns about the management and accountability of public resources.
