SERAP Takes CBN to Court Over $6.23M Election Funds
The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) at the Federal High Court in Abuja. The lawsuit, filed on October 7, 2026, seeks to compel the CBN to account for $6.23 million in election-related funds and over N1.63 trillion in other public funds, as highlighted in the Auditor-General of the Federation’s 2023 annual report.
SERAP's Deputy Director, Kolawole Oluwadare, stated that the funds include $6.23 million linked to a fraudulent election-funding request allegedly made by former President Muhammadu Buhari, N1.25 trillion in unrecovered 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 is requesting the court to mandate the CBN to disclose the beneficiaries, repayment status, and recovery measures related to these funds, as well as identify responsible officials and disclose any disciplinary actions taken.
The suit is marked FHC/ABJ/CS/2450/2026.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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