The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and the apex bank seven days to account for $6.23 million allegedly linked to election funding and more than ₦1.63 trillion in other public funds. This demand was made in a letter dated September 26, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare. The letter cited findings contained in Volume II of the Auditor-General of the Federation's 2023 Annual Report.
According to SERAP, the audit findings raise questions over the recovery, accounting and management of several categories of public funds. The sums cited include ₦1,252,095,444,724.82 in CBN intervention loans to states, ₦116,179,000,000 in loans to distressed and liquidated banks, ₦262,859,473,249.81 under the Anchor Borrowers' Programme, and $6,230,000 reportedly spent following a purported request for election funding attributed to former President Muhammadu Buhari.
On the most contentious finding, SERAP said the Auditor-General reported an alleged fraud at the CBN's Abuja Branch involving $6.23 million. The CBN's internal audit reportedly indicated that the money was spent following a request for election funding purportedly made by Buhari. However, SERAP stressed that the CBN allegedly failed to make the internal investigation report available to the Auditor-General for scrutiny and confirmation.
SERAP also demanded an account of more than ₦1.25 trillion in intervention loans granted to various state governments. The organisation quoted the Auditor-General as finding that the CBN had failed to recover ₦1,252,095,444,724.82 in intervention loans granted to states in 2023. SERAP said the Auditor-General expressed concern that the money might have been diverted to private purposes and recommended its recovery and remittance to the Treasury.
On loans granted to distressed and liquidated banks, SERAP said the Auditor-General found that the CBN had failed to recover ₦116.18 billion. It further alleged that the CBN failed to present its 2023 audited or draft financial statements, as well as schedules showing recoveries and outstanding balances on the loans, to the audit team for scrutiny. SERAP also demanded an account of ₦262.86 billion disbursed under the Anchor Borrowers' Programme.
SERAP consequently asked the CBN to disclose the beneficiaries and participating anchors, amounts released, utilisation of the funds, monitoring arrangements and recovery measures. Beyond demanding explanations, SERAP called for an independent forensic reconciliation of the funds identified in the Auditor-General's report. It urged the CBN to identify those responsible for any affected funds, take appropriate disciplinary action and refer suspected criminal conduct to the relevant authorities.
SERAP said the CBN's institutional independence should not be interpreted as immunity from constitutional audit, statutory accounting requirements, public financial oversight or investigation of credible allegations of financial misconduct. The organisation warned that failure by Cardoso and the CBN to provide satisfactory explanations within seven days could trigger legal action.
Key points
- The Socio-Economic Rights and Accountability Project demands that the Central Bank of Nigeria account for $6.23 million and over ₦1.63 trillion in public funds.
- The funds in question include intervention loans to states, loans to distressed and liquidated banks, and funds disbursed under the Anchor Borrowers' Programme.
- SERAP threatens to take legal action if the CBN fails to provide satisfactory explanations within seven days.
