By Francis Ajuonuma
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Central Bank of Nigeria (CBN) before the Federal High Court in Abuja over what it described as the bank’s failure to account for more than N3 trillion in allegedly missing or diverted public funds.
The suit, marked FHC/ABJ/CS/250/2026 and filed last week, follows revelations contained in the 2025 annual report of the Auditor-General of the Federation, published on September 9, 2025.
In the action, SERAP is seeking an order of mandamus compelling the CBN to “account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including detailed reports of how exactly the funds were spent.”
The civil society organisation argued that the allegations raised by the Auditor-General suggest “grave violations of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the CBN Act, and anti-corruption standards.”
It maintained that the alleged infractions reflect a broader failure of accountability within the apex bank and undermine its statutory responsibilities.
According to SERAP, “These violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”
The group further argued that Nigerians have a constitutional right to know how public funds are managed, insisting that granting the reliefs sought would advance citizens’ rights to restitution, compensation and guarantees of non-repetition.
Citing Sections 13 and 15(5) of the 1999 Constitution, SERAP said public institutions, including the CBN, are obligated to abolish corrupt practices and conform to the principles outlined in Chapter Two of the Constitution.
The suit, filed on behalf of SERAP by its lawyers Oluwakemi Agunbiade and Valentina Adegoke, references multiple audit queries raised against the apex bank.
Among them is the alleged failure of the CBN in 2022 to remit over N1.44 trillion, described as the Federal Government’s share of operating surplus, into the Consolidated Revenue Fund (CRF).
The Auditor-General reportedly expressed fears that the funds “may have been diverted” and recommended their recovery and remittance to the treasury.
The report also flagged over N629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme, an initiative designed to support farmers and boost food production.
According to the Auditor-General, the identities of beneficiaries were unclear, and there was no evidence of the bank’s recovery efforts.
SERAP contended that the alleged diversion of such funds may have worsened the country’s food security challenges.
In addition, the Auditor-General reportedly questioned the CBN’s failure to recover over N784.4 billion from 32 unpaid and overdue loans and interventions disbursed between 2018 and May 2022. The audit report noted there was no evidence that the bank was doing enough to recover the funds.
The apex bank was also accused of spending N125.37 billion on what the Auditor-General described as “questionable intervention activities,” allegedly without the National Assembly’s approval and without supporting documentation.
Similarly, the report raised concerns over N1.79 billion allegedly spent on the purchase of 43 operational vehicles for the Nigeria Immigration Service (NIS). The Auditor-General questioned the relevance of the expenditure to the CBN’s core objectives and noted the absence of procurement and payment records.
Further audit observations cited the award of 43 contracts valued at over N189.5 billion. Contractors were said to have delayed project completion and later obtained contract variations, leading to additional payments of over N9.27 billion, described as “irregular variation of contract price.”
The audit report reportedly found no relevant procurement records to justify the payments.
The Katsina branch of the CBN was also accused of failing to recover N90.16 million in outstanding COVID-19 intervention loans granted to 33 small and medium enterprises in 2020.
SERAP drew attention to Paragraph 3112(ii) of the Financial Regulations 2009, which provides sanctions for public officers who fail to account for government revenue, including surcharge and possible referral to anti-graft agencies. It also cited Section 51 of the Fiscal Responsibility Act, which grants citizens legal standing to enforce the Act at the Federal High Court without showing special interest.
The organisation stressed that the Constitution, the Freedom of Information Act and Nigeria’s anti-corruption and human rights obligations are anchored on transparency and public access to information concerning government activities.
No date has yet been fixed for the hearing of the suit.
