The Socio-Economic Rights and Accountability Project has filed a suit against the Central Bank of Nigeria over its alleged failure to account for $6.23m in election-related funds and more than N1.63tn in other public funds. The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday at the Federal High Court in Abuja. SERAP is seeking a court order compelling the CBN to account for the funds and disclose beneficiaries and repayment status.
According to SERAP, the funds in question include $6.23m linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari. The funds also include N1.25tn in unrecovered intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, and N262.86bn disbursed under the Anchor Borrowers’ Programme. The organisation disclosed this in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare.
The suit was filed following findings documented in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026. The report raised concerns about the management of public resources, including the alleged election-funding fraud. SERAP is seeking an order of mandamus to direct and compel the CBN to account for the funds and disclose purposes, beneficiaries, repayment status, and recovery measures.
SERAP is also seeking an order compelling the CBN to identify officials responsible for approving and disbursing the affected funds and disclose any disciplinary or administrative action taken against them. The organisation wants the CBN to disclose records concerning seven boxes of currency notes awaiting examination, unserviceable vehicles at its Lagos branch, and a bullion van at its Abeokuta branch.
The organisation stated that the accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy. SERAP argued that the CBN’s institutional independence does not exempt it from public accountability. The organisation cited provisions of the Nigerian Constitution, the CBN Act 2007, and the United Nations Convention against Corruption in support of its position.
The suit, filed by SERAP’s lawyers, argued that the allegations required a credible investigation. The organisation stated that the findings raised questions about the management of public resources and the custody, expenditure, accounting, safeguarding, and recovery of public resources. SERAP is seeking to establish the facts, identify responsibility, and secure recovery where public funds have been unlawfully lost.
The Auditor-General’s report fears that the money may have been lost and that the payments may have been fraudulent. The report recommends that the money be recovered and remitted to the treasury. SERAP concluded that identifying those responsible and ensuring accountability is crucial to preventing future occurrences of such financial misconduct.
Key points
- The Socio-Economic Rights and Accountability Project has sued the Central Bank of Nigeria over its alleged failure to account for $6.23m in election-related funds and more than N1.63tn in other public funds.
- The suit seeks a court order compelling the CBN to account for the funds, disclose beneficiaries and repayment status, and identify officials responsible for approving and disbursing the money.
- The allegations raised questions about the management of public resources and the custody, expenditure, accounting, safeguarding, and recovery of public resources.
