SERAP Demands CBN Accountability for $6.23M Election Funds

The Socio-Economic Rights and Accountability Project (SERAP) has issued a demand to Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to account for $6.23 million reportedly spent on election funding and over N1.63 trillion in other public funds. SERAP has given the CBN a seven-day deadline to respond, threatening legal action if the request is ignored.

This demand was articulated in a letter dated September 26, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare. The issues stem from Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

SERAP's concerns include N1.25 trillion in CBN intervention loans to state governments, N116.18 billion in loans to distressed banks, and N262.86 billion disbursed under the Anchor Borrowers’ Programme. The organization has requested details on beneficiaries, amounts disbursed, and recovery measures.

Additionally, SERAP noted that the CBN allegedly failed to provide an investigation report regarding the $6.23 million expenditure linked to a request from former President Muhammadu Buhari.