SERAP Sues CBN Over $6.23M Election Fund Accountability
The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) for its failure to account for US$6.23 million in allegedly diverted election funds and over ₦1.63 trillion in other public funds. This lawsuit follows findings from the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026, which highlighted various financial discrepancies from January to December 2023.
The funds in question include $6.23 million linked to a fraudulent election-funding request by former President Muhammadu Buhari, ₦1.252 trillion in unrecovered loans to state governments, ₦116.179 billion in loans to distressed banks, and ₦262.859 billion from the Anchor Borrowers’ Programme. Filed under suit number FHC/ABJ/CS/2450/2026 at the Federal High Court in Abuja, SERAP seeks a court order compelling the CBN to account for these funds, disclose their purposes, and identify responsible officers.
The organization argues that accountability is essential for Nigeria's constitutional democracy.
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