Compel CBN To Account For $6.23m, N1.63trn Public Funds, SERAP Asks Court

The Socio-Economic Rights and Accountability Project (SERAP) has asked the Federal High Court in Abuja to compel the Central Bank of Nigeria (CBN) to account for $6.23 million in allegedly unaccounted-for election funds and over N1.63 trillion in other public funds identified in the Auditor-General of the Federation’s 2023 annual report.

SERAP specifically sought an order of mandamus directing the CBN to disclose the purposes and beneficiaries of the affected funds, whether they have been repaid, the findings of its internal investigation into the alleged election-funding fraud and the measures taken to recover any lost money.

The group also urged the court to compel the apex bank to identify the officers and other people who approved and disbursed the funds, and to disclose any disciplinary or administrative action taken.
The applicant further sought for an order directing the CBN to account for seven boxes of currency notes awaiting examination, abandoned and unserviceable vehicles at its Lagos office, and an unserviceable bullion van at its Abeokuta branch.

SERAP claimed that it filed the suit following findings in Volume II of the Auditor-General’s 2023 Annual Report, published on 7 August 2026, which covers various periods between January and December 2023.

According to the report, the CBN failed to investigate an alleged $6.23 million fraud at its Abuja branch. The money was reportedly spent after a request for election funding purportedly made by former President Muhammadu Buhari.

The Auditor-General also claimed that the CBN failed to provide its internal investigation report for scrutiny, raising concerns that fraudulent payments may have lost the funds. The report recommended recovering the money and remitting it to the treasury.

The report also flagged N1.252 trillion in CBN intervention loans to state governments that had not been recovered, expressing concern that the funds might have been diverted for private purposes.

A further N116.179 billion in loans to distressed and liquidated banks was reportedly unrecovered.

The Auditor-General faulted the CBN for failing to provide its 2023 audited or draft financial statements, or schedules showing recoveries and outstanding balances, for audit scrutiny.

The suit also concerns N262.859 billion disbursed under the Anchor Borrowers’ Programme, which was intended to support farmers and boost food production. The Auditor-General reportedly found that some programme anchors still held the funds and that the CBN had failed to provide a list of beneficiaries or evidence of the programme’s impact.

The report warned that the funds might have been diverted for private purposes and recommended their recovery.

SERAP argued in the suit that the findings raised serious questions about how public resources were managed and safeguarded. It said the CBN’s institutional independence did not exempt it from statutory accounting requirements, public financial oversight or investigations into credible allegations of financial misconduct.

“The CBN has legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost,” the organisation submitted.

To support its case, SERAP cited Sections 13 and 15(5) of the 1999 Constitution, as amended, which set out the obligations of government institutions and the need to abolish corrupt practices and abuse of power.

It also relied on Section 7(2) of the CBN Act 2007, which makes the bank’s governor and deputy governors responsible for ensuring that the bank keeps true accounts of its transactions, assets, liabilities, and valuables entrusted to it. Sections 49 and 50 of the Act provide for audits of the bank’s accounts and its annual financial reporting.

SERAP also cited Articles 5 and 9 of the United Nations Convention against Corruption, which address anti-corruption policies and the proper management of public funds.

On the other audit findings, the organisation wants the CBN to account for seven overdue boxes of currency notes awaiting examination and provide evidence that it has disposed of and replaced unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.

The Auditor-General warned that the unexamined currency notes could expose the bank to fund mismanagement, while the abandoned vehicles could hamper branch operations and delay critical currency-related activities.

SERAP argued that identifying those responsible for any established irregularities and recovering public funds unlawfully lost would serve the public interest and strengthen accountability in the management of public resources.

No hearing date has been fixed, and the CBN is yet to file its defence.