SERAP Sues CBN over $6.23m Election Funds, ₦1.63tn in Other Public Funds

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN), seeking a court order compelling the 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, marked FHC/ABJ/CS/2450/2026, was filed at the Federal High Court in Abuja on Friday, following findings contained in Volume II of the Auditor-General’s report, published on August 7, 2026.

SERAP is seeking an order directing the CBN to disclose the purposes for which the funds were disbursed, identify beneficiaries, provide details of repayments and recovery efforts, and name officials responsible for approving and releasing the money.

The funds include $6.23 million linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari, more than ₦1.25 trillion in unrecovered 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.

On the election-related funds, SERAP cited the Auditor-General’s finding that the CBN failed to provide an internal investigation report concerning the alleged fraud at its Abuja branch for audit scrutiny. The report raised concerns that the money might have been lost through fraudulent payments and recommended its recovery and remittance to the treasury.

The organisation is asking the court to compel the CBN to disclose the findings of its internal investigation, including measures taken to recover the funds and establish responsibility.

Regarding intervention loans to state governments, SERAP cited the report’s finding that more than ₦1.25 trillion remained unrecovered. The Auditor-General raised concerns that the funds might have been diverted to private purposes.

The audit also flagged ₦116.18 billion in loans to distressed and liquidated banks, noting that the CBN had reportedly failed to provide relevant financial statements and recovery schedules for examination.

On the Anchor Borrowers’ Programme, designed to support farmers and improve food production, SERAP said the report raised concerns over ₦262.86 billion in disbursements. The CBN allegedly failed to provide a comprehensive list of beneficiaries and an assessment of the programme’s impact, while some funds reportedly remained with programme anchors.

The suit also seeks records 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 argued that the CBN’s institutional independence did not exempt it from constitutional audits, statutory accounting requirements and public financial oversight. It maintained that the allegations required a credible investigation to establish the facts, identify those responsible and recover any public funds found to have been improperly paid or lost.

The case was filed by SERAP’s lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.

No date has been fixed for the hearing.