SERAP Takes Legal Action Against CBN Over Missing Funds

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) due to its alleged failure to account for $6.23 million in election-related funds and over N1.63 trillion in other public funds. These findings were reported in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026.

The funds in question include $6.23 million linked to an election-funding request, over N1.25 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion under the Anchor Borrowers’ programme. SERAP seeks a court order for the CBN to disclose the purposes, beneficiaries, repayment status, and recovery measures related to these funds, as well as information on seven boxes of currency notes awaiting examination and abandoned vehicles at the CBN’s Lagos branch.

SERAP emphasizes the importance of accountability in public institutions, arguing that the CBN's independence does not exempt it from oversight.