The Socio-Economic Rights and Accountability Project (SERAP) has instituted legal action against the Central Bank of Nigeria (CBN) at the Federal High Court in Abuja regarding its alleged failure to account for $6.23 million in election-related funds and over ₦1.63 trillion in unrecovered public money. The advocacy group is asking the court to issue a mandamus order compelling the apex bank to publish full details on the whereabouts of the funds, the identities of all beneficiaries, and the current repayment status.
The lawsuit, designated suit number FHC/ABJ/CS/2450/2026, stems directly from financial red flags highlighted in Volume II of the Auditor-General of the Federation’s 2023 Annual Report. According to a public declaration issued by SERAP’s Deputy Director, Kolawole Oluwadare, the civil society organisation took court action after the financial regulator failed to provide satisfactory responses or open transparent investigations following an earlier administrative notice.
At the heart of the legal suit is an alleged $6.23 million withdrawal from the central bank’s Abuja branch purportedly tied to a fraudulent presidential election funding request during the previous administration. Additionally, audit findings cited in the court filings detail over ₦1.25 trillion in outstanding intervention credit extended to state authorities, alongside ₦116.18 billion in unrecovered loans granted to distressed or liquidated banking institutions.
SERAP further highlighted that ₦262.86 billion disbursed through the Anchor Borrowers’ Programme remains unaccounted for without a verified roster of recipients or documented impact assessments provided for public scrutiny. The civil rights organisation contends that failing to trace and recover these massive public sums breaches statutory transparency mandates, leaving room for deliberate diversion into private pockets.
In its reliefs, the applicant is urging the judiciary to compel the CBN to name every official involved in approving and disbursing the flagged sums and refer suspected cases of wrongdoing to appropriate anti-corruption agencies for prosecution.
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