The Socio Economic Rights and Accountability Project SERAP has filed a lawsuit against the Central Bank of Nigeria CBN over what it describes as alleged missing N3 trillion in public funds. The civil society organisation said it approached the Federal High Court seeking an order compelling the apex bank to account for the funds and provide detailed explanations on how they were managed.
According to SERAP, the case followed reports indicating discrepancies in audited financial statements and public finance disclosures. The organisation argued that transparency and accountability are constitutional obligations, especially for institutions entrusted with public resources. It maintained that Nigerians have a right to know how such significant sums were allocated and utilised.
In court filings, SERAP requested that the CBN publish comprehensive records of all relevant transactions and remittances linked to the disputed amount. It also asked the court to direct appropriate authorities to investigate and recover any funds found to have been mismanaged.
The CBN has yet to issue an official statement on the suit. However, financial analysts note that the bank has faced heightened scrutiny in recent years over monetary interventions, foreign exchange policies, and special funding programmes. Observers say the outcome of the legal action could have implications for institutional transparency and public confidence.
Legal experts indicate that the case may test the scope of judicial oversight over central banking operations. While the CBN operates with a degree of autonomy, it remains subject to constitutional and statutory accountability standards.
Policy advocates have welcomed the lawsuit as part of broader efforts to strengthen fiscal governance. They argue that clarity on public fund management is critical at a time when Nigeria faces revenue constraints and mounting debt obligations.
As proceedings begin, stakeholders across the financial sector will be watching closely. The case underscores growing public demand for open governance and reinforces the role of civil society in monitoring state institutions.
