The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for $6.23 million in election-related funds and over ₦1.63 trillion in public funds. The lawsuit, numbered FHC/ABJ/CS/2450/2026, was filed at the Federal High Court in Abuja following findings contained in the Auditor-General’s 2023 annual report. The report was published on 7 August 2026.
According to the audit report, $6.23 million was allegedly disbursed following an election-funding request purportedly made by former President Muhammadu Buhari. However, the CBN failed to provide investigators with its internal investigation report concerning the transaction, raising concerns about possible fraudulent payments. SERAP is seeking an order of mandamus compelling the CBN to disclose how the funds were disbursed and identify beneficiaries.
The audit report also identified ₦1.252 trillion in unrecovered intervention loans granted to state governments, alongside ₦116.18 billion in outstanding loans to distressed and liquidated banks. Another ₦262.86 billion disbursed under the Anchor Borrowers’ Programme was flagged after the CBN allegedly failed to provide sufficient documentation identifying beneficiaries and demonstrating the programme’s impact.
SERAP is demanding disclosure of the investigation findings, identities of officials involved and any disciplinary measures taken. The organisation stated that the CBN has legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, and identify the persons or entities that received or benefited from the funds.
The organisation also wants explanations concerning seven boxes of currency notes awaiting examination, abandoned vehicles at the bank’s Lagos branch and an unserviceable bullion van in Abeokuta. SERAP argued that the CBN’s institutional independence did not exempt it from constitutional audits, financial oversight or investigations into suspected misconduct.
SERAP cited the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption. The suit was filed by lawyers Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu. No hearing date has been fixed. The allegations remain audit findings and claims before the court, not judicial findings of wrongdoing.
The lawsuit seeks to hold the CBN accountable for its management of public funds. The Socio-Economic Rights and Accountability Project emphasised that the accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy. The organisation seeks to ensure transparency and accountability in the management of public funds.
Key points
- SERAP files lawsuit against CBN over alleged $6.23m election fraud and ₦1.63tn unaccounted funds.
- The lawsuit seeks to compel the CBN to disclose how the funds were disbursed and identify beneficiaries.
- The allegations remain audit findings and claims before the court, not judicial findings of wrongdoing.
