The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria, CBN, seven days to explain the whereabouts of $6.23 million allegedly linked to election funding and more than N1.63 trillion in other public funds identified in the Auditor-General’s 2023 report.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
According to the organisation, the Auditor-General’s report, published on August 7, 2026, raised concerns over 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.
It also cited a $6.23 million payment allegedly connected to an election funding request said to have been made by former President Muhammadu Buhari.
SERAP urged CBN Governor Olayemi Cardoso and the apex bank to explain how the intervention loans to state governments and distressed banks became unrecovered, and to publish the names of beneficiaries and details of efforts to recover the funds.
The organisation also demanded full details of the N262.86 billion disbursed under the Anchor Borrowers’ Programme, including the names of beneficiaries, amounts received, how the funds were used and measures being taken to recover any outstanding amounts.
On the $6.23 million, SERAP asked the CBN to explain how the money was spent following the alleged request by Buhari, publish the outcome of any internal investigation, identify those responsible and disclose steps being taken to recover the funds.
SERAP said accountability by public institutions was essential to Nigeria’s constitutional democracy, adding that the findings raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
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