SERAP to CBN: Account for $6.23m Election funds, ₦1.63trn others or face legal action

Stanley Ihedigbo

Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank seven days to account for US$6.23 million in allegedly diverted or unaccounted-for election-related funds and more than ₦1.63 trillion in other public funds, or face legal action.

SERAP said the issues are contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026, with the audit findings covering various periods between January and December 2023.

According to SERAP, the amounts identified include more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, in addition to the US$6.23 million payment linked to an alleged election-funding request.

In a letter dated September 26, 2026 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation urged Cardoso and the CBN to provide details of the affected transactions, beneficiaries, amounts disbursed and measures taken to recover any outstanding funds.

SERAP specifically called on the CBN to account for the more than ₦1.25 trillion in intervention loans to states and disclose the beneficiaries, amounts disbursed and recovery measures.

The organisation also demanded an account of the ₦116.18 billion in loans reportedly granted to distressed and liquidated banks, including details of recoveries and outstanding balances.

On the Anchor Borrowers’ Programme, SERAP asked the CBN to provide information on the ₦262.86 billion reportedly disbursed, including the names and number of beneficiaries and participating anchors, amounts released, utilisation, monitoring arrangements and recovery efforts.

The organisation further asked the CBN to account for US$6.23 million reportedly spent following a purported request for election funding allegedly made in the name of former President Muhammadu Buhari.

SERAP said the CBN should publish the findings of any internal investigation into the alleged transaction, including steps taken to establish what happened, recover any funds lost and determine responsibility.

According to the organisation, the Auditor-General’s report states that the CBN’s internal audit had disclosed that the money was spent based on a request for election funding purportedly made by the former president.

The Auditor-General reportedly raised concerns over the payment and sought recovery of the funds.

SERAP said the CBN’s failure to provide the relevant investigation report to the audit team meant that the auditors could not scrutinise and confirm the findings.

The organisation also cited other issues contained in the Auditor-General’s report, including outstanding currency notes awaiting examination and the reported abandonment of unserviceable vehicles at CBN branches in Lagos and Abeokuta.

SERAP said the scale of the issues identified by the Auditor-General required urgent and transparent action capable of establishing the facts, identifying responsibility and securing recovery where public funds were improperly lost or paid.

“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.

The organisation urged the CBN to identify those responsible for the affected funds, take appropriate disciplinary measures where warranted and refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities.

It also called for an independent forensic reconciliation of the sums identified by the Auditor-General and urged relevant authorities to preserve records relating to the transactions and any ensuing investigations.

SERAP maintained that the CBN’s institutional independence does not exempt it from constitutional audit, statutory accounting requirements and appropriate public financial oversight.

The organisation further cited provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption in support of its demand for greater transparency and accountability.

SERAP said Nigerians have a right to know the whereabouts and status of public funds and urged the CBN to provide a comprehensive response within seven days.

The organisation warned that failure to satisfactorily respond within the stipulated period could lead to appropriate legal action.

The latest demand follows a series of accountability actions by SERAP concerning public funds. In February 2026, the organisation said it had sued the CBN over allegations involving more than ₦3 trillion in public funds, including funds connected to the Anchor Borrowers’ Programme.

The current demand, however, concerns the specific findings and amounts cited in the Auditor-General’s 2023 report and should not be treated as a judicial finding that the funds were stolen or diverted unless and until competent authorities establish that through due process.