SERAP Demands CBN Account for $6.23M Election Funds

The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to account for $6.23 million in allegedly diverted election funds and over ₦1.63 trillion in other public funds. This demand was articulated in a letter dated September 26, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare.

The allegations stem from Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. SERAP's concerns include ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.

Additionally, SERAP is seeking accountability for the $6.23 million linked to a fraudulent election-funding request allegedly made by former President Muhammadu Buhari. The organization emphasized the need for transparency and accountability in public institutions, urging disciplinary actions and recovery measures for any misappropriated funds.