SERAP Sues CBN Over Alleged Missing N3 Trillion Funds

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 an alleged N3 trillion in public funds. The lawsuit, filed in the Federal High Court in Abuja under suit number FHC/ABJ/CS/250/2026, follows a report by the Auditor General of the Federation published on September 9, 2025.

SERAP's legal representatives, Oluwakemi Agunbiad and Valentina Adegok, argue that the CBN's failure to account for these funds constitutes a grave violation of public trust and the Nigerian Constitution. The funds in question include N629 billion paid to unknown beneficiaries under the Anchor Borrowers' Program, and N784 billion in unpaid loans.

The Auditor General has expressed concerns over the CBN's lack of transparency and accountability, suggesting that the mismanagement of these funds undermines the CBN's ability to fulfill its statutory functions and erodes public confidence in the institution.