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 report.
The organisation is asking the court to compel the apex bank to explain how the funds were utilised, disclose the individuals and institutions that benefited from the transactions, and provide details of efforts to recover outstanding amounts.
SERAP announced the development 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 under scrutiny include $6.23m linked to an alleged fraudulent election-funding request purportedly made in the name of 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 allocated under the Anchor Borrowers’ Programme.
SERAP is seeking an order of mandamus compelling the CBN to account for the funds and disclose the purpose of each transaction, the beneficiaries, the repayment status and the steps taken to investigate possible financial misconduct.
The organisation also wants the bank to release the findings of its internal investigation into the alleged election-funding fraud and identify the officials or other individuals who authorised and disbursed the money. It is further asking the court to compel the CBN to disclose any disciplinary or administrative measures taken against those found responsible.
According to SERAP, the Auditor-General’s report raised concerns about the CBN’s handling of the $6.23m at its Abuja branch, including its failure to provide an investigation report for audit verification.
The suit quoted the report as stating that the CBN’s internal audit found that the money had been spent following a request for election funding purportedly made by Buhari.
However, the report reportedly noted that the bank failed to make its internal investigation findings available to the audit team for examination and confirmation.
The Auditor-General expressed concern that the funds might have been lost or fraudulently disbursed and recommended that the money be recovered and paid into the treasury.
SERAP also cited findings concerning more than N1.25tn in intervention loans granted to state governments, which the Auditor-General said had not been recovered. The report reportedly raised the possibility that the funds could have been diverted for private purposes and recommended their recovery.
On loans extended to distressed and liquidated banks, the organisation said the audit report identified N116.18bn in outstanding recoveries. It also alleged that the CBN failed to provide relevant financial statements and recovery schedules required for the audit.
The Anchor Borrowers’ Programme was another area of concern. SERAP said the Auditor-General flagged N262.86bn spent under the initiative, which was designed to support farmers and boost food production.
According to the suit, the funds remained with some programme anchors, raising concerns that the money might not have achieved its intended food-security objectives.
SERAP further alleged that the CBN failed to provide a list of beneficiaries and an assessment of the programme’s impact, making it difficult to determine how effectively the funds were utilised.
Beyond the financial transactions, the organisation is asking the court to compel the CBN to account for seven boxes of currency notes awaiting examination, unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
SERAP said the condition and handling of these assets had also attracted the attention of the Auditor-General, who raised concerns about their potential impact on the bank’s operations and currency-related services.
Explaining the basis of its legal action, the organisation maintained that public institutions must be accountable for the management of public resources, regardless of their level of independence.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP stated, adding that the audit findings raised concerns about compliance with the 1999 Constitution, the CBN Act, anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.
The organisation argued that the scale of the funds identified in the report warranted a credible investigation to establish the facts, determine responsibility and ensure the recovery of any money found to have been improperly paid or lost.
It maintained that the CBN had a legal obligation to explain the transactions, identify the individuals and entities that received the funds, and disclose measures taken to investigate discrepancies and recover outstanding amounts.
SERAP also rejected any suggestion that the CBN’s institutional independence could shield it from financial scrutiny, arguing that the bank remained subject to constitutional audits, statutory accounting requirements, public financial oversight and investigations into credible allegations of fraud.
The suit was filed by SERAP’s lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
The organisation said identifying those responsible for any established financial misconduct, ensuring appropriate legal action and recovering missing public funds would promote accountability and help curb the mismanagement of public resources.
No date has been fixed for the hearing of the suit.
