By Francis Ajuonuma
The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria seven days to account for allegedly unaccounted-for or diverted public funds totalling more than N1.63 trillion and $6.23 million.
SERAP, in a letter dated September 26, 2026, and signed by its Deputy Director, Kolawole Oluwadare, addressed the demand to CBN Governor Olayemi Cardoso.
The organisation said the allegations were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
The report covers transactions and findings relating to the period between January and December 2023.
SERAP said the funds in question include more than N1.25 trillion in unrecovered CBN intervention loans to state governments.
It also cited N116.18 billion in loans to distressed and liquidated banks and N262.86 billion disbursed under the Anchor Borrowers’ Programme.
The organisation further demanded explanations over $6.23 million reportedly spent following a purported election-funding request allegedly made by former President Muhammadu Buhari.
SERAP said the CBN must identify beneficiaries, disclose the amounts disbursed, explain recovery measures and publish relevant investigation reports.
“The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.”
On the intervention loans to states, SERAP asked the CBN to disclose the beneficiaries, amounts disbursed and measures taken to recover the funds.
It also demanded details of the N116.18 billion in loans reportedly granted to distressed and liquidated banks.
Regarding the Anchor Borrowers’ Programme, SERAP requested information on beneficiaries, participating anchors, amounts disbursed, utilisation, monitoring arrangements and recovery efforts.
The organisation said the Auditor-General had raised concerns over the CBN’s failure to provide adequate documentation and recovery information relating to the programme.
SERAP also demanded the findings of the CBN’s internal investigation into the alleged $6.23 million election-funding transaction.
According to the organisation, the Auditor-General reported that the CBN’s internal audit indicated the money was spent following a purported request for election funding.
SERAP said the CBN failed to make the investigation report available to the audit team for scrutiny.
“The findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying responsibility and securing recovery where public funds have been unlawfully lost.”
The organisation urged Cardoso and the CBN to refer any suspected criminal conduct to appropriate law-enforcement agencies, including the EFCC and ICPC.
It also demanded an independent forensic reconciliation of the sums identified by the Auditor-General and preservation of all relevant records.
SERAP said the CBN’s institutional independence could not exempt it from constitutional audit, statutory accounting requirements or legitimate public oversight.
“The spending of public funds, including by the CBN, must remain subject to effective constitutional oversight, transparency and accountability.”
SERAP warned that failure to respond within seven days would trigger appropriate legal action.
The organisation said the ultimate objective should be to establish the facts, identify responsibility and recover any public funds found to have been unlawfully lost or mismanaged.
