morganable politics/Governance
The organisation also asked the court to direct the bank to disclose the purposes of the transactions, the identities of individuals and institutions that benefited from them, and measures taken to recover any outstanding amounts.
KaNo—
The Socio-Economic Rights and Accountability Project has dragged the Central Bank of Nigeria before the Federal High Court in Abuja over its alleged failure to account for $6.23m in election-related funds and more than N1.63tn in public funds identified in the Auditor-General of the Federation’s 2023 Annual Report.
The organisation is seeking a court order compelling the apex bank to explain how the funds were disbursed, identify their beneficiaries, disclose the repayment status of affected transactions and provide details of officials responsible for approving the payments.
SERAP disclosed this in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare, explaining that the lawsuit followed findings contained in Volume II of the Auditor-General’s report published on August 7, 2026.
The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday by the organisation’s legal team, comprising Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
According to SERAP, the disputed funds include $6.23m allegedly linked to a fraudulent election-funding request purportedly made by former President Muhammadu Buhari, N1.25tn in unrecovered intervention loans to state governments and N116.18bn in loans granted to distressed and liquidated banks.
Others include N262.86bn disbursed under the Anchor Borrowers’ Programme, an agricultural financing initiative established to support farmers and strengthen domestic food production.
In its court filings, SERAP requested “an order of mandamus to direct and compel the CBN to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over N1.63 trillion in other public funds.”
The organisation also asked the court to direct the bank to disclose the purposes of the transactions, the identities of individuals and institutions that benefited from them, and measures taken to recover any outstanding amounts.
It further sought information on the findings of the CBN’s internal investigation into the alleged election-funding fraud, including details of disciplinary or administrative measures taken against officials implicated in the transactions.
SERAP maintained that public institutions entrusted with managing national resources must demonstrate transparency and accountability, particularly when serious financial irregularities are identified by statutory audit authorities.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy. These allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the CBN Act, national anti-corruption laws and Nigeria’s obligations under the UN Convention against Corruption,” the organisation stated.
It argued that the scale of the financial irregularities raised serious concerns about the management, protection and recovery of public resources.
“The magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” SERAP added.
Regarding the alleged election-funding fraud, the organisation cited the Auditor-General’s finding that the CBN had failed to provide an investigation report concerning $6.23m allegedly disbursed through its Abuja branch.
According to the audit findings referenced in the lawsuit, the bank’s internal audit indicated that the money was released following an election-funding request purportedly made by Buhari.
However, the CBN allegedly failed to make its investigation report available to the federal audit team for independent examination and confirmation.
The Auditor-General subsequently expressed concern that the funds might have been lost through fraudulent payments and recommended their recovery and remittance to the Federal Government’s treasury.
On intervention loans, SERAP alleged that the CBN failed to recover N1,252,095,444,724.82 granted to different state governments in 2023.
The organisation said the Auditor-General raised concerns that the outstanding money might have been diverted to private purposes, recommending appropriate recovery measures.
SERAP maintained that the bank must provide comprehensive records identifying the benefiting states, amounts received, repayment arrangements and steps taken to recover outstanding balances.
The organisation also challenged the management of N116.18bn in loans reportedly granted to distressed and liquidated banks.
It stated that the apex bank failed to provide financial statements and recovery schedules necessary for auditors to verify the status of the loans and determine whether adequate recovery efforts had been undertaken.
Concerning the Anchor Borrowers’ Programme, SERAP said the Auditor-General questioned the management of N262,859,473,249.81 disbursed to support agricultural production.
According to the organisation, the audit report indicated that substantial amounts remained with participating anchors, raising concerns about the programme’s effectiveness and its intended contribution to national food security.
SERAP further alleged that the CBN failed to provide a comprehensive list of beneficiaries or an assessment demonstrating the programme’s impact on agricultural productivity.
The organisation argued that the absence of these records made it difficult to determine whether the funds achieved their intended objectives or were improperly utilised.
Beyond the financial transactions, SERAP requested court orders compelling the CBN to disclose records relating to seven boxes of currency notes awaiting examination, unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
It maintained that the issues identified by the Auditor-General required a credible investigation to establish responsibility and ensure recovery wherever public resources had been unlawfully lost.
SERAP insisted that the CBN had legal obligations to explain the basis of each questioned transaction and identify individuals or entities that received the funds.
The organisation also demanded disclosure of measures taken to investigate suspected irregularities, reconcile financial records and recover improperly disbursed money.
It argued that judicial intervention was necessary to enforce accountability and ensure that the Auditor-General’s findings were adequately addressed.
The allegations remain subject to judicial determination, and the filing of the lawsuit does not establish wrongdoing by the CBN or any individual mentioned in the audit findings.
SERAP is asking the court to compel the bank to provide the requested records and account for the disputed public funds.
