The Socio-Economic Rights and Accountability (SERAP)Project has sued the Central Bank of Nigeria over its alleged failure to account for $6.23m in election-related funds and more than ₦1.63tn in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
In the suit, numbered FHC/ABJ/CS/2450/2026 and filed at the Federal High Court in Abuja last Friday, SERAP is seeking an order compelling the CBN to account for the funds and disclose details of their disbursement, beneficiaries, repayment status and recovery efforts.
The organisation is also asking the court to compel the bank to disclose the findings of its internal investigation into an alleged election-funding fraud, identify the officials and other individuals responsible for approving and disbursing the funds, and state any disciplinary or administrative action taken.
The Auditor-General’s report, published on August 7, 2026, identified several financial transactions and unrecovered loans relating to the 2023 financial year.
The funds include $6.23m linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari, ₦1.252tn in intervention loans to state governments, ₦116.18bn in loans to distressed and liquidated banks, and ₦262.86bn disbursed under the Anchor Borrowers’ Programme.
According to the report, the CBN failed to investigate an alleged fraud involving the $6.23m at its Abuja branch. The bank’s internal audit reportedly indicated that the money was spent following an election-funding request purportedly made by Buhari.
However, the CBN allegedly failed to provide the audit team with its investigation report for scrutiny and confirmation.
The Auditor-General expressed concern that the money might have been lost through fraudulent payments and recommended its recovery and remittance to the treasury.
SERAP said the findings required a credible investigation to establish the facts, identify those responsible and recover any public funds found to have been unlawfully lost.
“The CBN has legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost,” the organisation said.
The report also flagged ₦1.252tn in intervention loans granted to state governments that remained unrecovered. It raised concerns that the funds might have been diverted for private purposes and recommended their recovery.
Another ₦116.18bn in loans to distressed and liquidated banks was reportedly outstanding. The CBN also allegedly failed to provide its 2023 audited or draft financial statements and a schedule of recoveries and outstanding loan balances for the audit team’s review.
On the Anchor Borrowers’ Programme, the Auditor-General identified ₦262.86bn disbursed under the initiative designed to support farmers and boost food production.
The report said the funds remained in the hands of some programme anchors, raising concerns that they might not have achieved their intended food-security objectives. It added that the CBN failed to provide a list of beneficiaries or evidence of the programme’s impact for audit assessment.
The report further flagged seven boxes of currency notes awaiting examination, which the CBN allegedly failed to account for, warning of possible mismanagement and recommending sanctions for gross misconduct.
It also identified abandoned and unserviceable vehicles at the bank’s Lagos branch and an unserviceable bullion van at its Abeokuta branch. The Auditor-General requested evidence of their disposal or replacement.
SERAP argued that the findings raised fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It maintained that the CBN’s institutional independence did not exempt it from constitutional audits, statutory accounting requirements or investigations into credible allegations of fraud and financial misconduct.
SERAP cited Sections 13 and 15(5) of the 1999 Constitution, as amended, provisions of the CBN Act 2007, and Nigeria’s obligations under the United Nations Convention against Corruption in support of its suit.
The case was filed on SERAP’s behalf by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
No date has been fixed for the hearing.