SERAP Sues CBN Over Alleged ₦3 Trillion Misappropriation

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) over the alleged misappropriation of ₦3 trillion in public funds. The lawsuit, filed at the Federal High Court in Abuja (suit mark FHC/ABJ/CS/250/2026), seeks a mandamus order to compel the CBN to account for the missing funds.

SERAP's suit references the latest annual report from the Auditor General, published on September 9, 2025, which raised serious concerns about the management of public funds. Among the allegations is the claim that ₦629 billion was reportedly paid to unknown beneficiaries under the Anchor Borrowers’ Programme.

SERAP argues that the findings in the Auditor General's report warrant a thorough investigation into the whereabouts of the missing funds and demands detailed reporting on how the funds were spent. The suit was filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiad and Valentina Adegok, although no date has been set for the hearing.