SERAP Sues CBN Over Audit Report Flagging $6.23m Election Spending And ₦1.63tn In Other Funds

Published on 11 October 2026 at 09:15

Reported by Oravbiere Osayomore Promise.

The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking to compel the apex bank to account for $6.23 million in election-related funds and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.

The suit, filed on Friday, October 9, 2026, at the Federal High Court in Abuja, follows SERAP’s earlier demand for explanations from the CBN and its Governor, Olayemi Cardoso, over the funds.

In the case, marked FHC/ABJ/CS/2450/2026, SERAP is asking the court to order the CBN to disclose the purposes for which the funds were released, the identities of the beneficiaries, the status of repayments and the measures taken to recover any money found to have been improperly paid or lost.

The organisation disclosed the development in a statement issued on Sunday, October 11, by its Deputy Director, Kolawole Oluwadare.

According to SERAP, the funds identified in the audit report include approximately ₦1.252 trillion in intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.

The organisation also wants the CBN to account for $6.23 million reportedly spent following an election-funding request purportedly made by former President Muhammadu Buhari.

The Auditor-General’s report, as cited by SERAP, stated that the CBN’s internal audit indicated that the money had been spent based on a request attributed to Buhari. However, the bank reportedly failed to provide its internal investigation report to the audit team for scrutiny and confirmation.

The audit raised concerns that the funds might have been lost and that the payments might have been fraudulent, recommending that the money be recovered and remitted to the treasury. These findings remain allegations requiring proper investigation and clarification.

SERAP is asking the court to compel the CBN to publish the findings of its internal investigation, identify officials and other persons responsible for approving and disbursing the funds, and disclose any disciplinary or administrative action taken.

On the intervention loans to state governments, the organisation cited the reported failure to recover ₦1.252 trillion and called for the disclosure of the benefiting states, the amounts received and the steps taken to recover outstanding balances.

It also cited the ₦116.18 billion in loans to distressed and liquidated banks, arguing that the CBN should disclose relevant financial statements, recovery schedules and outstanding balances.

Regarding the Anchor Borrowers’ Programme, which was designed to support farmers and boost food production, SERAP said the audit report raised concerns over ₦262.86 billion in disbursements. It wants the bank to provide a list of beneficiaries and participating entities, explain how the funds were utilised and disclose measures taken to recover outstanding amounts.

The organisation is also seeking information concerning seven boxes of currency notes awaiting examination, unserviceable vehicles at the CBN’s Lagos branch and a bullion van at its Abeokuta branch.

SERAP argues that the CBN’s institutional independence does not exempt it from constitutional audit requirements, statutory accounting obligations and public financial oversight.

The organisation is relying on provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption to support its demand for accountability.

The suit follows SERAP’s September 26 letter giving the CBN and its governor seven days to explain the funds or face legal action. The organisation said the scale of the audit findings warranted an independent and transparent investigation, alongside the recovery of any public money established to have been improperly paid or lost.

As of Sunday, October 11, no date had been announced for the hearing of the suit.

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