The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) a seven-day deadline to account for $6.23 million and ₦1.63 trillion in alleged mismanaged election funds and other public funds. In a letter dated September 26, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare, the organization requested the CBN Governor, Olayemi Cardoso, to provide explanations for the funds or face legal action.
The request is based on findings from Volume II of the Auditor-General of the Federation's 2023 Annual Report, released on August 7, 2026. The report covers various issues from January to December 2023, including ₦1.25 trillion in unpaid CBN intervention loans to state governments, ₦116.18 billion in unpaid loans to struggling and closed banks, and ₦262.86 billion given out through the Anchor Borrowers' Programme.
SERAP is seeking clarification on the ₦1.25 trillion in loans to states, including details about who received the funds, how much they got, and any recovery plans. The organization also wants the CBN to provide an account for the ₦262.86 billion allocated under the Anchor Borrowers' Programme, detailing names and numbers of beneficiaries, participating "Anchors," amounts disbursed, and monitoring strategies.
The $6.23 million in question was allegedly spent after a request for election funding by former President Muhammadu Buhari. SERAP is asking the CBN to explain how the funds were spent and to make public the results of an internal investigation into the alleged fraud. The organization also wants to know the steps taken to recover the money and hold those responsible accountable.
SERAP emphasized that public institutions like the CBN must be held accountable as it is a key part of Nigeria's constitutional democracy. The organization stated that the seriousness of these findings demands immediate, independent, and clear action, as they raise important questions about how public resources are managed, spent, tracked, protected, and recovered.
The findings from the Auditor-General highlight major concerns about how public resources are handled and whether there have been violations of Nigeria's 1999 Constitution (as amended), anti-corruption laws, and Nigeria's commitments under the UN Convention against Corruption. SERAP is urging the CBN to take immediate action to address these concerns and provide transparency and accountability in the management of public funds.
The letter was signed by Kolawole Oluwadare, Deputy Director of SERAP, and was addressed to the CBN Governor, Olayemi Cardoso. The organization has given the CBN a seven-day deadline to respond to the requests, after which it will take legal action if the explanations are not provided.
Key points
- SERAP requests CBN to account for $6.23 million and ₦1.63 trillion in alleged mismanaged election funds and other public funds.
- The request is based on findings from Volume II of the Auditor-General of the Federation's 2023 Annual Report.
- SERAP has given the CBN a seven-day deadline to respond to the requests, after which it will take legal action if the explanations are not provided.
