The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for N3 trillion in public funds, including more than N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
The suit, marked FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja. This was disclosed in a statement issued on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare.
According to SERAP, the legal action followed what it described as grave allegations contained in the latest annual report of the Auditor-General of the Federation, published on 9 September 2025. The organisation said the report raised serious concerns about transparency and accountability in the management of public funds by the apex bank.
SERAP stated that it is asking the court to compel the CBN to fully account for the allegedly missing N3 trillion and to provide detailed explanations on how the funds were spent. The group also wants clarification on payments reportedly made to unidentified beneficiaries under the Anchor Borrowers’ Programme, which was designed to support farmers and boost agricultural production.
In its argument before the court, SERAP contended that the alleged failure to properly account for the funds amounts to a breach of public trust. It further argued that the actions violate provisions of the 1999 Constitution (as amended), the Central Bank of Nigeria Act, and established anti-corruption and public finance management standards.
In a statement shared on its official social media handle, SERAP said it decided to seek judicial intervention to ensure transparency and accountability in the handling of public resources. The organisation stressed that Nigerians have a right to know how public funds are managed and spent, particularly when large sums are involved.
SERAP urged the court to order the CBN to provide full disclosure, insisting that accountability is essential to restore public confidence in key national institutions.
