SERAP Demands CBN Account for $6.23M Election Fund Misuse

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 US$6.23 million in allegedly diverted election funds and over ₦1.63 trillion in other public funds. This demand follows findings documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026, covering the period from January to December 2023.

The funds in question include over ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in unrecovered loans to distressed banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme. SERAP has called for transparency regarding the beneficiaries and recovery measures associated with these funds, as well as an internal investigation into the alleged fraudulent election funding request linked to former President Muhammadu Buhari.

The letter, dated 26 September 2026 and signed by SERAP deputy director Kolawole Oluwadare, emphasizes the need for accountability in public institutions.