SERAP Sues CBN Over Alleged N3 Trillion Missing Funds

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) over allegations of N3 trillion in missing funds. The lawsuit, filed in the Federal High Court in Abuja under suit number FHC/ABJ/CS/250/2026, seeks to compel the CBN to provide a detailed account of the funds, which are reportedly unaccounted for.

SERAP's action follows grave allegations contained in the Auditor General's report dated September 9, 2025, which indicated that the CBN failed to remit N1.445 trillion in operational surplus to the Federal Government's Consolidated Revenue Fund. The report also raised concerns about N629 billion disbursed to unidentified beneficiaries under the Anchor Borrowers Program, designed to enhance agricultural productivity and food security.

Furthermore, the CBN reportedly did not recover N784.4 billion in overdue loans and grants from 2018 to May 2022. The Auditor General's report questions the legitimacy of N125.374 billion spent on intervention activities without proper documentation, including N1.79 billion for purchasing vehicles for the Nigeria Immigration Service, described as unjustifiable.