By Francis Ajuonuma
The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, demanding a full explanation over what it describes as “missing or diverted ₦3 trillion of public funds” as uncovered in the 2022 Annual Report of the Auditor-General of the Federation.
In a letter dated 15 November 2025 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation stated that the allegations documented in the Auditor-General’s report of 9 September 2025 constitute grave breaches of public trust, the Constitution, the CBN Act, and established anti-corruption standards.
According to SERAP, the report exposes multiple irregularities, ranging from unremitted surpluses to unrecovered loans, questionable expenditures, and contract variations that lacked requisite documentation.
Oluwadare said, “According to the Auditor-General, the CBN in 2022 failed to remit over ₦1 trillion [₦1,445,593,400,000.00] of the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund account.”
The Auditor-General, SERAP noted, fears that the money may have been “diverted.”
The letter also highlighted the CBN’s failure to recover over ₦629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
The Auditor-General stated that the number of beneficiaries was unknown and the funds unrecovered, raising concerns that the alleged diversion may have contributed to Nigeria’s struggles with food security.
SERAP cited another ₦784.4 billion in 32 unpaid overdue loans and interventions from 2018 to May 2022, with the Auditor-General stating there was no evidence the apex bank was taking adequate steps to recover the funds.
Additionally, the CBN was accused of spending ₦125.3 billion on intervention activities without National Assembly approval or documentation.
The Auditor-General warned that such spending “may not have been in the public interest and consistent with the objectives of the CBN.”
The letter further referenced ₦1.79 billion spent on 43 operational vehicles for the Nigeria Immigration Service, despite the absence of evidence that the cars were supplied or procured in a legitimate manner.
SERAP also drew attention to 43 contracts worth ₦189.5 billion, followed by irregular contract variations amounting to ₦9.27 billion, with the Auditor-General reporting that no procurement records or payment documents were found.
The organisation demanded that Cardoso identify and hand over all responsible officials to ICPC and EFCC, recover all missing funds, and return them to the treasury.
Oluwadare warned, “If we have not heard from you within 7 days, SERAP shall take all appropriate legal actions to compel you and the CBN to comply.”
He emphasised that Nigerians have a right to know how public funds are managed, adding:
“Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
