Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Socio-Economic Rights and Accountability Project has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the CBN, demanding a full public accounting of over N1.63 trillion in public funds and $6.23 million in an alleged fraudulent election payment linked to former President Muhammadu Buhari. The demand was contained in a letter dated September 26, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare, and made public on Sunday, September 27. The organisation warned that it would take "appropriate legal action" if the CBN fails to respond within the stipulated period.
The funds in question are documented in Volume II of the Auditor-General of the Federation's 2023 Annual Report, which was published on August 7, 2026. The report covers the period from January to December 2023 and identifies four distinct categories of unaccounted or unrecovered public funds. The largest component is over N1.25 trillion in unrecovered CBN intervention loans to state governments. The report also flags N116.18 billion in unrecovered loans to distressed and liquidated banks, N262.86 billion disbursed under the Anchor Borrowers' Programme, and $6.23 million in payments linked to what the Auditor-General described as an allegedly fraudulent election-funding request purportedly made by former President Buhari.
SERAP's letter to Cardoso was direct in its demands. The organisation urged the CBN Governor and the bank "to account for over N1.25 trillion in intervention loans to states, and N116.18 billion in loans to distressed and liquidated banks, and disclose the details of the beneficiaries, amounts disbursed, and any recovery measures." It also demanded a full accounting of the N262.86 billion disbursed under the Anchor Borrowers' Programme, including "the names and number of beneficiaries and participating 'Anchors,' amounts disbursed, utilisation, monitoring arrangements, and any recovery measures."
On the election payment, SERAP was equally unequivocal. It urged Cardoso and the CBN "to account for the US$6.23 million reportedly spent following a purported request for election funding by former President Muhammadu Buhari, and publish the findings of the internal investigation into the alleged fraud, including measures taken to recover the funds and establish responsibility." The Auditor-General's report had noted that the CBN failed to provide the internal investigation report on the alleged fraud for audit scrutiny, and expressed concern that the money may have been lost and the payments may have been fraudulent.
The $6.23 million payment has been the subject of separate legal proceedings. In July 2026, Jim Obazee, a prosecution witness for the Economic and Financial Crimes Commission, testified that the money was fraudulently withdrawn from the CBN's Abuja branch under the guise of funding a foreign election observer mission for the 2023 general election. Obazee told the court that Buhari and his former Secretary to the Government of the Federation, Boss Mustapha, should have been prosecuted over the withdrawal. The EFCC is currently prosecuting former CBN Governor Godwin Emefiele and others in connection with the alleged fraud.
SERAP's intervention goes beyond a simple request for information. The organisation is demanding that the CBN identify those responsible for the affected funds, take appropriate disciplinary action, and refer suspected criminal conduct to the EFCC, the Independent Corrupt Practices and Other Related Offences Commission, and other competent authorities. It is also calling for the recovery and remittance to the treasury of any funds found to have been diverted, lost, or unaccounted for. Furthermore, SERAP is urging the CBN to "undertake or support an independent forensic reconciliation of the sums identified by the Auditor-General, involving relevant oversight and law-enforcement institutions where necessary, and preserve all records relevant to the transactions and investigations."
In its letter, SERAP framed the demand as a matter of constitutional obligation. "The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria's constitutional democracy," the organisation said. It added that "the magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources." SERAP also noted that the Auditor-General's findings "raise serious concerns about the management and accountability of public resources and potential violations of the Nigerian Constitution 1999 (as amended), national anti-corruption laws and Nigeria's obligations under the UN Convention against Corruption."
The CBN has not yet issued a public response to SERAP's demands. The seven-day deadline, which began on September 26, is expected to expire in the first week of October 2026. If the CBN fails to comply, SERAP has indicated it will pursue legal action to compel disclosure. The organisation has previously sued the CBN in February 2026 over an alleged failure to account for more than N3 trillion in public funds identified in an earlier audit report.
The allegations have significant implications for Nigeria's financial governance and the credibility of its anti-corruption framework. The unrecovered intervention loans to state governments represent a substantial loss of public resources that could have been deployed to critical sectors such as education, healthcare, and infrastructure. The unrecovered loans to distressed banks raise questions about the CBN's supervision and recovery mechanisms. The Anchor Borrowers' Programme, a flagship agricultural intervention scheme, is also under scrutiny, with the Auditor-General finding insufficient information on beneficiaries and disbursements.
For the Buhari election payment, the allegations touch on the integrity of Nigeria's electoral process and the use of public funds for partisan purposes. The claim that $6.23 million was withdrawn from the CBN vault under the guise of funding a foreign election observer mission, only to be allegedly diverted, strikes at the heart of public trust in the management of state resources.
SERAP's demand for transparency is a test of the CBN's commitment to accountability under Cardoso's leadership. The Governor has repeatedly promised to reform the apex bank and restore public confidence in its operations. How he responds to SERAP's ultimatum will be closely watched by civil society, the media, and the international community. For now, the clock is ticking, and the CBN has seven days to provide the answers that Nigerians are demanding.
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