SERAP Gives CBN Governor 7 Days to Account for $6.23m Election Funding and ₦1.63 Trillion Public Funds
The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank seven days to account for $6.23 million allegedly spent on election funding and more than ₦1.63 trillion in other public funds, threatening legal action if they fail to respond.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare. The organisation said the issues were documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026, with the audit findings covering various transactions between January and December 2023.
The funds highlighted by SERAP include ₦1.252 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, and $6.23 million reportedly spent following a purported request for election funding attributed to former President Muhammadu Buhari.
SERAP called on Cardoso and the CBN to disclose the beneficiaries of the state intervention loans, the amounts disbursed and measures taken to recover the funds. It also demanded details of the loans to distressed and liquidated banks, including outstanding balances and recovery efforts.
On the Anchor Borrowers’ Programme, SERAP asked the CBN to disclose the names and number of beneficiaries and participating “Anchors”, the amounts disbursed, how the funds were utilised, monitoring arrangements and measures taken to recover outstanding sums.
According to SERAP, the Auditor-General’s report found that the CBN had failed to recover ₦1,252,095,444,724.82 in intervention loans granted to various state governments in 2023. The Auditor-General reportedly expressed concern that the funds could have been diverted to private purposes and recommended that they be recovered and remitted to the treasury.
The organisation also cited an alleged failure by the CBN to recover ₦116,179,000,000 in loans granted to distressed and liquidated banks. The bank was reportedly unable to provide its 2023 audited or draft financial statements, as well as schedules showing recoveries and outstanding balances on the loans, for the audit team’s scrutiny.
The Auditor-General, according to SERAP, expressed concern that the funds could have been diverted and called for appropriate recovery measures.
SERAP further cited the CBN’s reported disbursement of ₦262,859,473,249.81 under the Anchor Borrowers’ Programme, which was designed to support farmers and boost food production.
The organisation said the Auditor-General found that the funds remained in the hands of some “Anchors”, potentially undermining the programme’s food-security objectives. The CBN was also reportedly unable to provide the audit team with the list and number of beneficiaries or information on the programme’s impact.
On the $6.23 million allegation, SERAP said the Auditor-General reported that the CBN had failed to investigate alleged fraud at its Abuja branch involving $6,230,000.
According to SERAP, the CBN’s internal audit disclosed that the money had been spent following a request for election funding purportedly made by Buhari, who was the immediate past president at the time covered by the audit.
However, the CBN reportedly failed to provide the investigation report to the audit team for scrutiny and confirmation. SERAP said the Auditor-General consequently expressed concern that the funds might have been lost and that the payments could have been fraudulent, recommending their recovery and remittance to the treasury.
SERAP is demanding that the CBN publish the findings of any internal investigation into the alleged transaction, disclose measures taken to recover the money and establish responsibility for the payment.
The organisation also urged Cardoso and the CBN to identify those responsible for any affected public funds, take appropriate disciplinary measures and refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other relevant authorities.
SERAP further called for an independent forensic reconciliation of the sums identified by the Auditor-General, with the involvement of relevant oversight and law-enforcement institutions where necessary. It also urged the CBN to preserve all records relating to the transactions and investigations.
Beyond the financial allegations, SERAP said the Auditor-General’s report identified other issues involving the CBN, including the bank’s failure to account for seven boxes of “Awaiting Examination” currency notes.
The organisation also cited abandoned unserviceable vehicles at the CBN’s Lagos Branch and an unserviceable bullion van at its Abeokuta Branch. According to SERAP, the Auditor-General warned that the condition of the vehicles could affect branch operations and recommended that the CBN provide evidence of their disposal and replacement.
SERAP argued that the CBN’s institutional independence does not exempt it from constitutional audit requirements, statutory accounting obligations, public financial oversight or investigations into credible allegations of financial misconduct.
It cited provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption as part of the legal basis for its demands.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said, adding that the scale of the Auditor-General’s findings required “urgent, independent and transparent action.”
The organisation said Nigerians have a right to know the whereabouts and status of public funds and urged the CBN to ensure transparency, accountability, recovery and appropriate action where funds are found to have been improperly paid, lost or left unaccounted for.
SERAP gave Cardoso and the CBN seven days to respond to its demands, warning that failure to do so would result in “appropriate legal action.”
