SERAP Sues CBN Over Alleged Missing N3 Trillion Funds

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Central Bank of Nigeria (CBN) over allegations of missing N3 trillion in public funds. The lawsuit, filed at the Federal High Court in Abuja under case number FHC/ABJ/CS/250/2026, seeks a mandamus order to compel the CBN to disclose the whereabouts of the funds and provide a detailed explanation of their expenditure.

This legal action follows the Auditor General of the Federation's annual report published on September 9, 2025, which indicated serious breaches of the CBN Act and highlighted the alleged diversion of funds. SERAP argues that the situation reflects a broader failure in accountability within the CBN, undermining public confidence in the management of national resources.

The organization emphasizes the fundamental right of citizens to know how public funds are managed and seeks restitution and compensation to prevent future abuses. This is not the first time SERAP has taken legal action against the CBN, as they previously filed a lawsuit regarding the alleged failure to remit N500 billion in oil revenue to the federal account between October and December 2024.