SERAP Sues CBN Over Alleged $6.23m, ₦1.63trn in Unaccounted Public Funds

The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over its alleged failure 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, October 9, 2026. SERAP is seeking an order compelling the apex bank to explain the transactions, identify beneficiaries and disclose measures taken to investigate and recover the funds.

According to the organisation, the Auditor-General’s report, published on August 7, 2026, identified several transactions and unrecovered loans relating to the period between January and December 2023.

The funds include $6.23 million linked to an election-funding request purportedly made by former President Muhammadu Buhari, ₦1.252 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.

SERAP said the audit report indicated that the CBN failed to provide its internal investigation report concerning the alleged election-funding fraud for scrutiny by the audit team. The Auditor-General reportedly expressed concern that the money might have been lost through fraudulent payments and recommended its recovery.

The organisation is also asking the court to compel the CBN to identify officials and other individuals responsible for approving and disbursing the affected funds, disclose any disciplinary action taken and provide details of the repayment status and recovery efforts.

The suit further seeks information about seven boxes of currency notes awaiting examination, abandoned and unserviceable vehicles at the CBN’s Lagos branch, and an unserviceable bullion van at its Abeokuta branch.

SERAP argued that the CBN’s institutional independence does not exempt it from statutory audits, financial reporting obligations and public accountability.

The allegations remain subject to legal scrutiny and do not, by themselves, establish that the funds were stolen or unlawfully diverted.

No date had been fixed for the hearing as of Sunday, October 11.