SERAP Drags CBN to Court Over $6.23m Election Funds and ₦1.63tn Public Loans
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Central Bank of Nigeria (CBN) before the Federal High Court in Abuja over its alleged failure to account for $6.23m in election-related funds and more than N1.63tn in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
SERAP is seeking a court order compelling the apex bank to account for the funds, disclose their beneficiaries and repayment status, and identify officials responsible for approving and disbursing the money.
The organisation disclosed this in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare.
The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday following findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026.
The funds in question include $6.23m linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari, N1.25tn in unrecovered intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, and N262.86bn disbursed under the Anchor Borrowers’ Programme.
SERAP is asking the court for “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 N1.63 trillion in other public funds.”
The organisation is also seeking an order compelling the CBN to disclose the purposes, beneficiaries, repayment status and recovery measures relating to the funds, alongside the findings of its internal investigation into the alleged election-funding fraud.
It further wants the bank to identify the officials and other persons responsible for approving and disbursing the funds and disclose any disciplinary or administrative action taken against them.
Beyond the financial transactions, SERAP is asking the court to compel the CBN to disclose records concerning seven boxes of currency notes awaiting examination, unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
On the alleged election-funding fraud, SERAP cited the Auditor-General’s finding that the CBN failed to investigate an alleged fraud involving $6.23m at its Abuja branch.
According to the suit, the Auditor-General’s report stated that the “CBN internal audit disclosed that the money was spent based on a request for election funding purportedly made by the immediate past President of Nigeria [Muhammadu Buhari].”
The report, however, reportedly faulted the bank for failing to provide the investigation report to auditors.
It stated, “However, ‘the CBN failed to make the investigation report of the alleged fraud available to the audit team for scrutiny and confirmation.’ The Auditor-General fears that the money may have been ‘lost’ and that the payments may have been ‘fraudulent.’ He wants the money recovered and remitted to the treasury.”
SERAP is consequently asking the court to compel the CBN to disclose the outcome of its internal investigation and explain what steps have been taken to recover the funds.
The organisation also raised concerns over more than N1.25tn in intervention loans allegedly left unrecovered by the CBN.
Citing the Auditor-General’s report, SERAP stated, “The CBN also failed to recover over N1.2 trillion [N1,252,095,444,724.82] in ‘CBN intervention loans’ granted to different states in 2023. The Auditor-General fears that the money may have been ‘diverted to private purposes’ and recommends that the money be recovered and remitted to the treasury.”
The suit argues that the CBN has a duty to account for the loans, identify the beneficiaries and disclose measures taken to recover the outstanding amounts.
SERAP further cited findings concerning N116.18bn in loans to distressed and liquidated banks, alleging that the CBN failed to recover the money and did not provide relevant financial statements and recovery schedules for audit scrutiny.
The organisation also questioned the management of N262.86bn disbursed under the Anchor Borrowers’ Programme, which was designed to support farmers and improve food production.
According to the suit, the CBN reportedly “spent over N262 billion [N262,859,473,249.81] on Anchor Borrowers’ Programme meant to support farmers to ensure food production in the country.”
It added that “the money remains in the hands of some ‘Anchors,’” a situation which “could hamper the intended food-security objectives of the programme.”
SERAP alleged that the CBN failed to provide a list of beneficiaries and an assessment of the programme’s impact, while the Auditor-General raised concerns that the funds might have been diverted to private purposes.
The organisation wants the court to compel the bank to disclose the beneficiaries, account for the disbursements and explain the steps taken to recover any funds found to have been improperly paid or lost.
Explaining the basis for the suit, SERAP said the allegations raised serious concerns about public accountability and compliance with Nigeria’s laws.
“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,” the organisation stated.
It added, “The magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.”
In the suit filed by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu, SERAP argued that the findings required an independent and credible process capable of establishing the facts and determining responsibility.
“The findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying responsibility 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,” the suit read.
The organisation also addressed the CBN’s institutional independence, arguing that it did not exempt the bank from scrutiny over public funds.
“ The CBN’s institutional independence cannot reasonably be understood 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,” SERAP stated.
It cited provisions of the Nigerian Constitution, the CBN Act 2007 and the United Nations Convention against Corruption in support of its argument that public funds must be managed transparently and subjected to appropriate oversight.
SERAP concluded that identifying those responsible and recovering any missing public funds would serve the public interest.
“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 to address impunity for the mismanagement of public resources,” the organisation stated.
No date has been fixed for the hearing of the suit.
