By Opeyemi Adelakun
The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to account for funds which the organisation says were flagged in the Auditor-General of the Federation’s 2023 Annual Report.
SERAP is demanding explanations over an alleged $6.23m election-related payment as well as more than N1.63tn in other public funds reportedly identified in the audit report.
The demand was contained in a letter dated September 26, 2026, and signed by SERAP’s Deputy Director, Kolawole Oluwadare.
According to SERAP, the issues were documented in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026.
The organisation said the funds under scrutiny include more than N1.25tn in CBN intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, N262.86bn disbursed through the Anchor Borrowers’ Programme and $6.23m allegedly spent following a purported request for election funding attributed to former President Muhammadu Buhari.
SERAP called on the CBN to provide details of the beneficiaries of the intervention loans, the amounts involved and steps taken to recover outstanding funds.
It also demanded a full account of the N262.86bn reportedly disbursed under the Anchor Borrowers’ Programme, including the beneficiaries, participating anchors, amounts released, utilisation records, monitoring arrangements and recovery efforts.
On the dollar payment, SERAP asked the CBN to explain the circumstances surrounding the reported expenditure, publish the outcome of any internal investigation and disclose steps taken to recover the money and establish responsibility.
SERAP said public institutions have a constitutional responsibility to account for resources entrusted to them.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It added that the scale of the findings required transparent action because they raised questions about the custody, expenditure, accounting and recovery of public resources.
SERAP further urged the CBN to identify any persons or entities responsible for the affected transactions and take appropriate disciplinary measures where necessary.
Where criminal conduct is established, the organisation called for referrals to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and other relevant authorities.
The group also demanded the recovery and remittance to the Treasury of any funds eventually found to have been diverted, improperly spent or left unaccounted for.
According to SERAP, the Auditor-General reported that the CBN had not recovered N1.25tn in intervention loans granted to various states in 2023, raising concerns over the possible misuse of the funds.
The organisation also cited an alleged failure to recover N116.18bn in loans granted to distressed and liquidated banks.
On the Anchor Borrowers’ Programme, SERAP said the Auditor-General reported that N262.86bn had been disbursed to support farmers, while concerns remained over the money reportedly held by some anchors and the lack of adequate information on beneficiaries and the programme’s impact.
SERAP also said the Auditor-General reported an alleged failure by the CBN to investigate a fraud involving $6.23m at its Abuja branch.
According to the organisation, the CBN’s internal audit reportedly indicated that the money was spent following a purported election-funding request attributed to Buhari.
SERAP said the Auditor-General was not provided with the internal investigation report for verification and had called for the recovery of the funds.
The organisation further referred to other findings in the audit report, including concerns over seven boxes of currency awaiting examination and abandoned unserviceable vehicles at CBN branches in Lagos and Abeokuta.
SERAP said the findings covered transactions and activities relating to various periods between January and December 2023.
It based its demands on provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption.
The organisation warned that failure to respond within seven days would prompt it to take appropriate legal action.
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