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SERAP Seeks Court Order Compelling CBN to Account for $6.23m Election Funds, ₦1.63trn
SERAP Seeks Court Order Compelling CBN to Account for $6.23m Election Funds, ₦1.63trn
SERAP wants the Federal High Court to compel the CBN to account for $6.23 million in allegedly diverted or unaccounted-for election funds and more than ₦1.63 trillion in other public funds.
Auditor-General’s report flagged ₦1.25 trillion in intervention loans to states, ₦116.18 billion in loans to distressed banks and ₦262.86 billion under the Anchor Borrowers’ Programme.
SERAP is demanding details of beneficiaries, approving officials, repayment status, recovery efforts and the CBN’s investigation into the alleged election-funding fraud.
The group says the CBN’s institutional independence does not shield it from constitutional audit, financial oversight and accountability requirements.
October 11, () – The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its “failure to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over ₦1.63 trillion in other public funds.”
The lawsuit followed allegations documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. The findings covered various periods between January and December 2023.
The funds include $6.23 million in payments linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari; ₦1.252 trillion in unrecovered CBN intervention loans to state governments; ₦116.179 billion in loans to distressed and liquidated banks; and ₦262.859 billion disbursed under the Anchor Borrowers’ Programme.
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In suit number FHC/ABJ/CS/2450/2026, filed last Friday at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus to direct and compel the CBN to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over ₦1.63 trillion in other public funds.”
SERAP is also seeking an order compelling the apex bank to disclose the purposes, beneficiaries, repayment status and recovery measures relating to the funds, as well as findings of the CBN’s internal investigation into the alleged election-funding fraud.
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The organisation wants the court to compel the CBN to identify the officers and other persons responsible for approving and disbursing the affected public funds and disclose any disciplinary or administrative action taken against them.
It is further seeking an order directing the CBN to disclose records concerning seven boxes of currency notes awaiting examination, as well as abandoned and unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
SERAP argued that “the accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.”
“These allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, national anti-corruption laws and Nigeria’s obligations under the UN Convention against Corruption,” it said.
According to SERAP, the magnitude and nature of the findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
It maintained that the institutional independence of the CBN could not reasonably be interpreted as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of fraud and other financial misconduct.
The suit was filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
According to the suit, findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying those responsible, and securing recovery where public funds have been unlawfully lost.
“The CBN has legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost,” SERAP argued.
It added that the spending of public funds, including by the CBN, must remain subject to effective constitutional oversight, transparency and accountability.
SERAP said the substantial public funds identified by the Auditor-General as unrecovered, unaccounted for or otherwise requiring explanation could not be insulated from constitutional safeguards.
“The public interest requires meaningful oversight of withdrawals, expenditure, investment and accountability mechanisms. The ongoing management of public funds by the CBN must remain transparent and subject to appropriate safeguards,” it said.
Alleged $6.23m Election-Funding Fraud
Citing the Auditor-General’s report, SERAP said the CBN failed to “investigate an alleged fraud at its Abuja Branch Office, amounting to over $6.2 million [$6,230,000.00].”
According to the suit, a CBN internal audit disclosed that the money was spent based on a request for election funding purportedly made by Buhari when he was President.
However, SERAP said the Auditor-General found that the CBN failed to make the investigation report concerning the alleged fraud available to the audit team for scrutiny and confirmation.
The Auditor-General expressed fears that the money might have been “lost” and that the payments could have been “fraudulent”, recommending that the funds be recovered and remitted to the treasury.
₦1.25trn Intervention Loans to States
The Auditor-General also found that the CBN allegedly failed to recover ₦1,252,095,444,724.82 in intervention loans granted to different states in 2023.
According to SERAP, the Auditor-General expressed fears that the money might have been “diverted to private purposes” and recommended that it be recovered and remitted to the treasury.
SERAP is asking the court to compel the CBN to disclose information on the beneficiaries, purposes, and repayment status of the loans, as well as measures taken to recover the outstanding funds.
₦116.18bn Loans to Distressed Banks
SERAP also cited the Auditor-General’s finding that the CBN failed to recover ₦116,179,000,000 in loans granted to distressed and liquidated banks.
According to the suit, the CBN also failed to present its 2023 audited or draft financial statements and schedules of recoveries and outstanding balances relating to loans granted to distressed and liquidated banks to the audit team for scrutiny.
The Auditor-General expressed concerns that the money might have been diverted.
₦262.86bn Anchor Borrowers’ Funds
The suit further cited findings relating to ₦262,859,473,249.81 disbursed under the Anchor Borrowers’ Programme, which was designed to support farmers and boost food production in the country.
According to the Auditor-General, the money remained in the hands of some “Anchors”, a situation that could hamper the programme’s intended food-security objectives.
The CBN was also accused of failing to provide auditors with the list and number of beneficiaries of the programme and information on its impact for audit assessment.
SERAP said the Auditor-General found that the CBN had failed to recover the funds, describing the outstanding amount as significant and expressing fears that it might have been diverted to private purposes.
Seven Boxes of Currency Notes
SERAP also wants the CBN to account for seven boxes of Awaiting Examination currency notes flagged by the Auditor-General.
According to the suit, the CBN reportedly failed to account for the long-overdue boxes, prompting concerns from the Auditor-General that the situation could lead to an increase in awaiting-examination currency notes and possible mismanagement of funds.
The Auditor-General recommended that sanctions be imposed for gross misconduct.
The report also faulted the CBN over unserviceable vehicles allegedly abandoned at its Lagos branch.
According to SERAP, the Auditor-General found that the condition of the vehicles had negatively affected the smooth operations of the branch because of their strategic role in the bank’s activities.
The Auditor-General warned that the situation could lead to inefficiency in branch operations and delays in critical currency operations, asking the CBN to provide evidence of the disposal and replacement of the affected vehicles.
Similar concerns were raised over an unserviceable bullion van at the CBN’s Abeokuta branch, which reportedly remained on the branch’s records.
The Auditor-General also requested evidence of its disposal and replacement.
SERAP Cites Constitution, CBN Act
SERAP maintained that the findings raise broader concerns about the CBN’s compliance with principles of transparency, accountability and responsible management of public resources.
“Nigerians have the right to know the whereabouts and status of public funds,” the organisation said.
SERAP cited Section 15(5) of the 1999 Constitution, which requires the state to “abolish all corrupt practices and abuse of power.”
It also relied on Section 13 of the Constitution, which imposes responsibility on organs of government to conform to, observe and apply the provisions of Chapter II of the Constitution.
SERAP further cited provisions of the CBN Act 2007 establishing statutory responsibilities concerning the bank’s accounts, assets, financial reporting and management.
It said Section 7(2) of the Act places responsibility on the Governor and Deputy Governors, including ensuring that proper accounts are kept of transactions entered into by the bank and of its assets, liabilities and valuables entrusted to it.
According to SERAP, Sections 27 to 32 of the CBN Act define the bank’s principal powers and functions, while Sections 49 and 50 provide for the auditing of the bank’s accounts and requirements concerning its annual accounts and reporting.
“These provisions reinforce the principle that the CBN’s financial affairs are subject to a statutory framework of accounting, audit and public accountability,” the organisation argued.
SERAP also invoked Nigeria’s obligations under the United Nations Convention against Corruption, particularly Articles 5 and 9 concerning effective anti-corruption policies and the proper management of public affairs and public funds.
It maintained that identifying those responsible, ensuring that any perpetrators are brought to justice, and securing the full recovery of any missing or unaccounted-for public funds would serve the public interest and help address impunity in the management of public resources.
No date has been fixed for the hearing of the suit.
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