The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over its alleged failure to account for 6.23 million dollars in election-related funds and more than 1.63 trillion naira in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
SERAP is asking the Federal High Court in Abuja to compel the apex bank to account for the funds, disclose their beneficiaries and repayment status, and identify officials responsible for approving and disbursing the money.
The organisation disclosed this in a statement on Sunday by its Deputy Director, Kolawole Oluwadare. The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday following findings contained in Volume II of the Auditor-General’s 2023 annual report, published on August 7, 2026.
The funds under scrutiny include 6.23 million dollars linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari, 1.25 trillion naira in unrecovered intervention loans to state governments, 116.18 billion naira in loans to distressed and liquidated banks, and 262.86 billion naira disbursed under the Anchor Borrowers’ Programme.
SERAP is also seeking an order compelling the CBN to disclose the findings of its internal investigation into the alleged election-funding fraud, details of recovery efforts and any disciplinary or administrative action taken against officials implicated in the transactions.
The organisation further wants the bank to provide records relating to seven boxes of currency notes awaiting examination, unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
SERAP argued that the Auditor-General’s findings raised questions about the management and protection of public resources, adding that the allegations required credible investigations to establish responsibility and recover any funds found to have been improperly paid or lost.
On the alleged election-funding fraud, the organisation cited the Auditor-General’s report as stating that the CBN’s internal audit identified a transaction involving funds reportedly spent following a request purportedly made by Buhari. The report also alleged that the bank failed to provide its investigation report for audit scrutiny, raising concerns that the money might have been lost through fraudulent payments.
Regarding intervention loans to state governments, SERAP cited the report as identifying more than 1.25 trillion naira in unrecovered loans and expressing concern that some funds might have been diverted to private purposes.
The suit also alleged that the CBN failed to recover 116.18 billion naira in loans to distressed and liquidated banks and did not provide the relevant financial statements and recovery schedules for audit examination.
