By Opeyemi Adelakun
The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking explanations for $6.23m in election-related funds and more than N1.63tn in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
The organisation is asking the Federal High Court in Abuja to compel the apex bank to disclose how the funds were spent, identify their beneficiaries and explain the steps taken to recover any money found to have been improperly disbursed.
SERAP disclosed the suit in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare.
The case, 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 $6.23m linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari, N1.25tn in unrecovered intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, and N262.86bn under the Anchor Borrowers’ Programme.
SERAP is seeking an order of mandamus compelling the CBN to account for the funds and disclose the purposes, beneficiaries, repayment status and recovery measures associated with the transactions.
It also wants the bank to release the findings of its internal investigation into the alleged election-funding fraud and identify officials or other individuals who approved and disbursed the money.
The organisation said the Auditor-General’s report raised concerns about the CBN’s failure to investigate the alleged $6.23m fraud and provide the relevant investigation report for audit scrutiny.
According to SERAP, the report stated that the money was spent based on a request for election funding purportedly made by Buhari. It also recommended that the funds be recovered and remitted to the treasury.
On intervention loans to state governments, SERAP cited an alleged failure to recover more than N1.2tn. The audit findings reportedly raised concerns that the funds might have been diverted to private purposes.
The group also cited N116.18bn in unrecovered loans to distressed and liquidated banks, alongside concerns over N262.86bn allocated to the Anchor Borrowers’ Programme to support farmers and food production.
SERAP said the CBN allegedly failed to provide a list of beneficiaries and an assessment of the programme’s impact, while the Auditor-General raised concerns about the management of the funds.
Beyond the financial transactions, the organisation wants the bank 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.
SERAP argued that the CBN’s institutional independence did not exempt it from constitutional audit requirements, statutory accounting obligations or public financial oversight.
It said a credible investigation was necessary to establish the facts, determine responsibility and secure the recovery of any public funds found to have been unlawfully lost.
The organisation also wants details of any disciplinary or administrative action taken against officials implicated in the transactions.
No date has been fixed for the hearing of the suit.
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