The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over alleged failure to account for $6.23 million in election funds and more than ₦1.63 trillion in other public funds identified in the Auditor-General of the Federation’s 2023 Annual Report.
The suit, filed at the Federal High Court in Abuja, followed findings contained in Volume II of the Auditor-General’s report published on August 7, 2026, covering various transactions between January and December 2023.
SERAP is seeking an order of mandamus compelling the CBN to account for the $6.23 million allegedly diverted or unaccounted for in connection with election funding, as well as the other funds identified in the report.
The funds include more than N1.25 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks and N262.86 billion disbursed under the Anchor Borrowers’ Programme.
In the suit, marked FHC/ABJ/CS/2450/2026, SERAP is also asking the court to compel the apex bank to disclose the purposes, beneficiaries, repayment status and recovery measures relating to the funds.
It is further seeking disclosure of the outcome of any internal investigation into the alleged election-funding fraud and the identities of officers or other persons responsible for approving and disbursing the affected funds.
SERAP is also asking the court to compel the CBN to disclose records concerning seven boxes of currency notes awaiting examination, abandoned vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
According to SERAP, the Auditor-General’s report stated that the CBN had failed to investigate an alleged fraud involving more than $6.2 million at its Abuja branch.
The organisation said the report indicated that the funds were spent based on a request for election funding purportedly made by former President Muhammadu Buhari, but that the CBN failed to provide the investigation report to the audit team.
The suit also cited the Auditor-General’s finding that more than N1.2 trillion in intervention loans granted to states had not been recovered, with concerns that the funds could have been diverted to private purposes.
SERAP said the Auditor-General also raised concerns over the recovery of N116 billion in loans granted to distressed and liquidated banks and the management of N262 billion under the Anchor Borrowers’ Programme.
It alleged that the CBN failed to provide adequate records on beneficiaries and the impact of the Anchor Borrowers’ Programme for audit assessment.
SERAP argued that the scale of the findings required investigation, identification of those responsible and recovery of any public funds found to have been unlawfully lost.
“The spending of public funds, including by the CBN, must remain subject to effective constitutional oversight, transparency and accountability,” it said.
The organisation maintained that the CBN’s institutional independence did not exempt it from constitutional audit, statutory accounting requirements or investigation of credible allegations of financial misconduct.
No date has been fixed for hearing of the suit.
