SERAP Demands CBN Accountability for $6.23M Election Funds

The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to account for $6.23 million allegedly spent on election funding and over N1.63 trillion in public funds. This demand follows findings in the 2023 report from the Auditor-General of the Federation, published on August 7, 2026.

The report indicates that the funds include N1.252 trillion in CBN intervention loans to state governments, N116.18 billion in loans to distressed banks, and $6.23 million linked to a request for election funding attributed to former President Muhammadu Buhari. SERAP expressed concerns over the potential loss and fraudulent nature of these funds, urging the CBN to disclose the internal investigation findings, recovery measures, and the beneficiaries of the loans.

The Auditor-General also raised alarms about the lack of recovery of significant loans and the absence of financial statements for scrutiny.