SERAP Demands CBN Account for $6.23M Election Fund

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 allegedly associated with election funding and over ₦1.63 trillion in other public funds as identified in the Auditor-General of the Federation’s 2023 Annual Report. This demand was made in a letter dated September 26, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare.

The audit findings, published on August 7, 2026, raised concerns about the management of public funds, including ₦1,252,095,444,724.82 in intervention loans to states and ₦116,179,000,000 in loans to distressed banks. SERAP highlighted an alleged fraud involving $6.23 million at the CBN’s Abuja Branch, reportedly spent following a request for election funding attributed to former President Muhammadu Buhari.

SERAP has called for the publication of the internal investigation findings and measures taken to recover the funds.