SERAP sues CBN over $6.23m election funds, N1.63trn

The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking an order compelling the apex bank to account for $6.23m allegedly linked to election funding and more than N1.63trn in other public funds flagged in the Auditor-General’s 2023 annual report.

The suit, filed at the Federal High Court in Abuja under number FHC/ABJ/CS/2450/2026, follows the publication of the Auditor-General’s report on August 7, 2026.

SERAP is asking the court to compel the CBN to disclose the beneficiaries of the funds, their repayment status, steps taken to recover outstanding amounts and the officials responsible for the transactions.

The organisation also wants the bank to reveal the findings of any internal investigations and disciplinary measures taken against officials found culpable.

The funds under scrutiny include $6.23m reportedly linked to an election-funding request purportedly made by former President Muhammadu Buhari, N1.25trn in unrecovered intervention loans to state governments, N116.18bn in loans to distressed or liquidated banks, and N262.86bn allocated under the Anchor Borrowers’ Programme.

SERAP also raised concerns over seven boxes of currency notes awaiting examination, unserviceable vehicles at the CBN’s Lagos branch and a bullion van at its Abeokuta branch.

In a statement, SERAP’s Deputy Director, Kolawole Oluwadare, said the lawsuit followed concerns raised in the Auditor-General’s report about the management and accountability of public funds.

The organisation said the CBN’s internal audit report was allegedly not made available to the Auditor-General, who expressed concern that some of the funds might have been lost or affected by fraud and recommended their recovery.

SERAP also questioned the management of funds under the Anchor Borrowers’ Programme, alleging that money remained with some “anchors” and that information on beneficiaries and an assessment of the programme’s impact had not been provided.

The suit was filed by SERAP’s lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.

No date has been fixed for the hearing.