SERAP Sues CBN Over $6.23m Election Funds, N1.63trn Public Money

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 N1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
The funds include $6.23 million in payments linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari; N1.25 trillion in unrecovered intervention loans to state governments; N116.18 billion in loans to distressed and liquidated banks; and N262.86 billion disbursed under the Anchor Borrowers’ Programme.
In the suit, numbered FHC/ABJ/CS/2450/2026, filed last Friday at the Federal High Court in Abuja, SERAP is seeking an order of mandamus compelling the CBN to account for the funds and disclose details of their disbursement, beneficiaries, repayment status and recovery efforts.
The organisation is also asking the court to compel the apex bank to disclose the findings of its internal investigation into the alleged election-funding fraud and identify the officials and other persons responsible for approving and disbursing the affected funds. It further wants the bank to reveal any disciplinary or administrative action taken against those found responsible.
The lawsuit follows findings contained in Volume II of the Auditor-General of the Federation’s 2023 annual report, published on August 7, 2026. The report examined various transactions and activities covering the period between January and December 2023.
According to the audit report, the CBN failed to investigate an alleged fraud involving $6.23 million at its Abuja branch. The money was reportedly spent following a request for election funding purportedly made by Buhari.
The Auditor-General stated that the CBN’s internal audit had disclosed the transaction but that the bank failed to provide its investigation report for examination and confirmation by the audit team. Consequently, the Auditor-General expressed concern that the funds might have been lost through fraudulent payments and recommended that the money be recovered and remitted to the treasury.
SERAP is also asking the court to compel the CBN to account for more than N1.25 trillion in intervention loans granted to state governments. The Auditor-General reportedly expressed concern that the funds might have been diverted to private purposes and recommended their recovery.
The audit report further identified N116.18 billion in loans granted to distressed and liquidated banks that the CBN allegedly failed to recover. It also stated that the bank did not present its 2023 audited or draft financial statements, alongside schedules showing recoveries and outstanding balances on the loans, for scrutiny by the audit team.
Another area of concern is the Anchor Borrowers’ Programme, under which the CBN reportedly disbursed N262.86 billion to support farmers and boost food production.
However, the Auditor-General found that the funds remained with some programme anchors, raising concerns about whether the initiative had achieved its intended food-security objectives. The CBN also allegedly failed to provide the audit team with a list and number of beneficiaries or information on the programme’s impact.
The Auditor-General expressed concern that the funds might have been diverted to private purposes and recommended their recovery, noting that the amount involved was substantial.
Beyond the disputed financial transactions, SERAP is seeking an order compelling the CBN to account for seven boxes of currency notes awaiting examination at its facilities. The organisation is also asking the court to direct the bank to disclose records concerning unserviceable vehicles abandoned at its Lagos branch and an unserviceable bullion van at its Abeokuta branch.
The Auditor-General reportedly warned that the failure to account for the currency notes could lead to their accumulation and the mismanagement of public funds. The report also raised concerns that the abandoned vehicles could hamper branch operations and delay critical currency-related activities.
In its legal arguments, SERAP maintained that accountability by public institutions, including the CBN, is essential to Nigeria’s constitutional democracy. It argued that the allegations contained in the Auditor-General’s report raise serious questions about compliance with the 1999 Constitution, the CBN Act, anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.
“The magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” the organisation said.
SERAP further argued that the CBN’s institutional independence should not exempt it from constitutional audits, statutory accounting requirements, public financial oversight or investigations into credible allegations of fraud and financial misconduct.
The organisation cited provisions of the 1999 Constitution requiring the state to abolish corrupt practices and abuse of power. It also referred to the CBN Act 2007, particularly provisions governing the bank’s accounts, assets, financial reporting and management.
According to SERAP, Section 7(2) of the CBN Act places responsibility on the Governor and Deputy Governors to ensure that true accounts are kept of the bank’s transactions, assets, liabilities and valuables entrusted to it. The organisation also cited provisions of the Act relating to the audit of the bank’s accounts and the preparation of its annual accounts and reports.
SERAP maintained that Nigeria’s obligations under the United Nations Convention against Corruption require effective measures to promote accountability and ensure the proper management of public funds.
It argued that identifying those responsible for any wrongdoing, bringing alleged perpetrators to justice where appropriate and recovering public funds found to have been unlawfully lost would serve the public interest.
The lawsuit was filed on SERAP’s behalf by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.