The Socio-Economic Rights and Accountability Project (SERAP) has approached the Federal High Court in Abuja, seeking to compel the Central Bank of Nigeria (CBN) to explain the whereabouts of millions of dollars and trillions of naira flagged in the Auditor-General of the Federation’s 2023 report.
The organisation is challenging the bank over $6.23 million in election-related expenditure and more than ₦1.63 trillion involving unrecovered loans and funds disbursed under government intervention programmes.
The Auditor-General’s report, published on August 7, 2026, examined financial transactions and outstanding loans covering the period from January to December 2023.
Among the transactions highlighted were $6.23 million connected to an allegedly fraudulent request for election funding purportedly made by former President Muhammadu Buhari, ₦1.252 trillion in intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion allocated under the Anchor Borrowers’ Programme.
SERAP filed the suit, numbered FHC/ABJ/CS/2450/2026, last Friday, asking the court to issue an order of mandamus requiring the CBN to account for the funds.
The organisation wants the bank to disclose how the money was distributed, the individuals or organisations that benefited, the amounts repaid and the steps taken to recover outstanding sums.
It is also asking the court to compel the CBN to release the findings of its internal investigation into the alleged election-funding fraud, identify the officials and other individuals involved in approving and releasing the money, and explain whether disciplinary or administrative measures have been taken.
Beyond the disputed financial transactions, SERAP wants the bank to provide an explanation for seven boxes of currency notes awaiting examination, abandoned vehicles at its Lagos branch and an unserviceable bullion van at its Abeokuta branch.
$6.23m Election-Funding Transaction Under Scrutiny
One of the major concerns raised in the lawsuit is the alleged failure of the CBN to investigate a $6.23 million transaction at its Abuja branch.
According to the Auditor-General’s findings, the bank’s internal audit revealed that the money had been spent following a request for election funding purportedly made by Buhari.
However, the bank reportedly did not provide the audit team with its investigation report to enable the findings to be examined and verified.
The Auditor-General warned that the money could have been lost through fraudulent payments and recommended that it be recovered and returned to the treasury.
SERAP argued that the circumstances surrounding the transaction warranted a thorough investigation to establish what happened, determine who was responsible and retrieve any public funds found to have been improperly paid.
Explaining its position, the organisation said the CBN was legally required to account for every amount identified in the audit report and clarify the circumstances surrounding the transactions.
“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 said.
₦1.252trn in State Loans and Other Outstanding Funds
The lawsuit also draws attention to ₦1.252 trillion in intervention loans granted to various state governments in 2023, which the Auditor-General said the CBN had failed to recover.
The report raised the possibility that some of the money could have been diverted for private purposes and recommended that the outstanding funds be recovered and returned to the treasury.
Another ₦116.18 billion in loans extended to distressed and liquidated banks was also listed as unrecovered.
The audit team reportedly encountered difficulties examining the relevant records because the CBN did not provide its audited or draft financial statements for 2023, alongside a schedule detailing loan repayments and outstanding balances.
SERAP is also challenging the handling of ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, an initiative established to provide support to farmers and increase agricultural production.
The Auditor-General reported that some programme anchors still held the funds, raising questions about whether the money had been used to improve food production and achieve the programme’s food-security objectives.
The report further stated that the CBN failed to supply the audit team with a list showing the number of beneficiaries or evidence demonstrating the programme’s impact.
The Auditor-General recommended the recovery of the funds and expressed concern that the money might have been diverted for purposes unrelated to the initiative.
CBN Asked to Explain Currency Notes and Abandoned Vehicles
The audit report identified seven boxes of currency notes awaiting examination that the CBN reportedly failed to account for.
It warned that leaving the matter unresolved could increase the number of outstanding currency notes awaiting examination and expose public funds to possible mismanagement. The report recommended sanctions for gross misconduct.
The condition of vehicles at two CBN branches also came under scrutiny.
At the bank’s Lagos branch, the Auditor-General identified abandoned vehicles that were no longer serviceable, warning that their condition could interfere with operations and delay important currency-related activities.
The report called for evidence that the vehicles had been disposed of or replaced.
A similar issue was raised concerning an unserviceable bullion van at the CBN’s Abeokuta branch. The vehicle reportedly remained on the branch’s records, prompting the Auditor-General to request documentation confirming its disposal or replacement.
SERAP wants the bank to account for these assets and clarify the action taken to address the issues identified during the audit.
SERAP Invokes Constitutional and Anti-Corruption Laws
SERAP maintains that the issues identified in the report go beyond accounting discrepancies, raising broader concerns about how public money and assets are managed, protected and recovered.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It argued that the bank’s institutional independence did not place it beyond the requirements of constitutional audits, financial reporting rules, public oversight or investigations into credible allegations of fraud and financial misconduct.
To support its case, SERAP cited Sections 13 and 15(5) of the 1999 Constitution, as amended, alongside provisions of the Central Bank of Nigeria Act 2007 concerning the bank’s accounts, assets, financial reporting and management.
The organisation also referred to Nigeria’s commitments under the United Nations Convention against Corruption, particularly provisions addressing anti-corruption policies and the proper management of public funds.
SERAP argued that identifying those responsible for any financial wrongdoing, ensuring accountability and recovering funds that cannot be properly accounted for would protect the public interest.
The case was filed on behalf of the organisation by its legal team, comprising Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
No hearing date has been announced by the court.
