The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over allegations of diverting $6.23m in election funds and ₦1.63 trillion in public funds. The lawsuit, filed at the Federal High Court in Abuja, seeks to compel the CBN to account for the missing funds. SERAP's action follows allegations documented in Volume II of the Auditor-General of the Federation's 2023 Annual Report, published on August 7, 2026.
According to the Auditor-General's report, the missing funds cover various periods between January and December 2023. The funds include $6.23 million linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari. Other missing funds include over ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers' Programme.
In the suit number FHC/ABJ/CS/2450/2026, SERAP is seeking an order of mandamus to direct and compel the CBN to account for the missing funds. The organization is also seeking an order to compel the CBN to disclose the purposes, beneficiaries, repayment status, recovery measures, and findings of the CBN's internal investigation into the alleged election-funding fraud.
The lawsuit is seeking transparency and accountability in the management of public funds. SERAP is demanding that the CBN provides a detailed breakdown of the missing funds, including the purposes for which they were used and the beneficiaries. The organization is also seeking information on the repayment status and recovery measures taken by the CBN.
The CBN's alleged failure to account for the missing funds has raised concerns about transparency and accountability in the management of public funds. The lawsuit is a significant development in the efforts to promote transparency and accountability in Nigeria's public sector. The case is expected to be heard in court in the coming weeks.
The Auditor-General's report has revealed significant discrepancies in the management of public funds by various government agencies. The report highlights the need for improved transparency and accountability in the management of public funds. The lawsuit filed by SERAP is a step towards ensuring that government agencies are held accountable for their actions.
The outcome of the lawsuit will have significant implications for transparency and accountability in Nigeria's public sector. If the court rules in favor of SERAP, it could lead to improved transparency and accountability in the management of public funds. The case is a significant development in the efforts to promote good governance and transparency in Nigeria.
Key points
- - The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over allegations of diverting $6.23m in election funds and ₦1.63 trillion in public funds. - The lawsuit seeks to compel the CBN to account for the missing funds and disclose the purposes, beneficiaries, repayment status, recovery measures, and findings of the CBN's internal investigation. - The case is expected to have significant implications for transparency and accountability in Nigeria's public sector.
