The 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 funds and over ₦1.63 trillion in other public funds, or face appropriate legal……
The 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 funds and over ₦1.63 trillion in other public funds, or face appropriate legal action.”
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, citing findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
The organisation said the findings, which it said variously covered the period between January and December 2023, involve over ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in unrecovered loans to distressed and liquidated banks, ₦262.86 billion disbursed under the Anchor Borrowers’ Programme and US$6.23 million allegedly spent following a purported request for election funding by former President Muhammadu Buhari.
SERAP urged Cardoso and the CBN “to account for over ₦1.25 trillion in intervention loans to states, and ₦116.18 billion in loans to distressed and liquidated banks, and disclose the details of the beneficiaries, amounts disbursed, and any recovery measures.”
It also urged the CBN governor and the bank “to account for the ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating ‘Anchors,’ amounts disbursed, utilisation, monitoring arrangements, and any recovery measures.”
On the alleged election funding, SERAP urged Cardoso and the CBN “to account for the US$6.23 million reportedly ‘spent following a purported request for election funding by former President Muhammadu Buhari’, and publish the findings of the internal investigation into the alleged fraud, including measures taken to recover the funds and establish responsibility.”
In the letter, SERAP said: “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.”
It added: “The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.”
According to the organisation, “These findings by the Auditor-General raise serious concerns about the management and accountability of public resources and potential violations of the Nigerian Constitution 1999 (as amended), national anti-corruption laws and Nigeria’s obligations under the UN Convention against Corruption.”
SERAP said: “The findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying responsibility and securing recovery where public funds have been unlawfully lost.”
It urged the CBN to “identify those responsible for the affected public funds, take appropriate disciplinary action, 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, and ensure full recovery and remittance to the treasury of any diverted, lost or unaccounted-for funds.”
SERAP also called on the apex bank “to undertake or support an independent forensic reconciliation of the sums identified by the Auditor-General, involving relevant oversight and law-enforcement institutions where necessary, and preserve all records relevant to the transactions and investigations.”
The organisation stressed that “The CBN’s institutional independence cannot reasonably be understood as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of financial misconduct.”
SERAP said, “The CBN has clear legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost.”
It further stated: “The spending of public funds, including by the CBN, must remain subject to effective constitutional oversight, transparency and accountability. The substantial public funds identified by the Auditor-General as unrecovered, unaccounted for or otherwise requiring explanation cannot be insulated from constitutional safeguards.”
According to SERAP, “The public interest requires meaningful oversight of withdrawals, expenditure, investment and accountability mechanisms. The ongoing management of public funds by the CBN must remain transparent and subject to appropriate safeguards.”
On the intervention loans, SERAP quoted the Auditor-General as finding that the CBN failed to recover over ₦1.2 trillion, specifically ₦1,252,095,444,724.82, in “CBN interventions loan granted to different states in 2023.”
“The Auditor-General fears that the money may have been ‘diverted to private purposes’ and recommends that the money be recovered and remitted to the treasury,” SERAP said.
It also quoted the Auditor-General as saying the CBN failed to “recover over ₦116 billion [₦116,179,000,000.00] of loans granted to distressed and liquidated banks.”
The CBN also reportedly failed to “present its 2023 audited or draft Financial Statements and schedule of recoveries and outstanding balance against loans granted to distressed and liquidated banks to the audit team for scrutiny.” The Auditor-General, according to SERAP, feared that the money may have been “diverted.”
On the Anchor Borrowers’ Programme, SERAP said the Auditor-General found that the CBN reportedly “spent over ₦262 billion [₦262,859,473,249.81] on Anchor Borrowers’ Programme meant to support farmers to ensure food production in the country.”
However, the report stated that “the money remain in the hands of some ‘Anchors,’” which “could hamper the intended food-security objectives of the programme.”
SERAP said the CBN also “failed to provide the list and number of beneficiaries of the programme and the impact of the programme for audit assessment” and had “failed to recover the money, which is quite a significant amount.”
The Auditor-General, according to SERAP, feared that the money may have been “diverted to private purposes.”
On the alleged election-funding payment, SERAP said the CBN reportedly failed to “investigate an alleged fraud at its Abuja Branch Office, amounting to over $6.2 million [$6,230,000.00].”
According to the organisation, “the CBN internal audit disclosed that the money was spent based on a request for election funding purportedly made by the immediate past President of Nigeria [Muhammadu Buhari].”
However, SERAP said, “the CBN failed to make the investigation report of the alleged fraud available to the audit team for scrutiny and confirmation.”
The Auditor-General reportedly feared that the money may have been “lost” and that the payments may have been “fraudulent,” while recommending that the money be recovered and remitted to the treasury.
SERAP also cited other findings in the Auditor-General’s report, including the CBN’s alleged failure to “account for the long overdue seven (7) boxes of Awaiting Examination (A/E) Currency Notes.”
The Auditor-General reportedly warned that this “may lead to increase in awaiting examination currency notes” and “mismanagement of funds” and recommended that “sanctions [be] imposed for gross misconduct.”
The organisation further said the CBN reportedly “abandoned some unserviceable vehicles at its Lagos Branch” and “abandoned the unserviceable bullion van at its Abeokuta Branch Office.”
SERAP said the Auditor-General warned that the condition of the vehicles “may lead to inefficiency in the Branch Operations and Delay in meeting critical currency operations” and called for the CBN to “provide evidence of disposal [and] replacements of the vehicles.”
SERAP also cited Section 15(5) of the Nigerian Constitution, which requires the State to “abolish all corrupt practices and abuse of power,” as well as Section 13, which imposes a responsibility on all organs of government to conform to, observe and apply the provisions of Chapter II of the Constitution.
The organisation also referenced the CBN Act 2007, saying Section 7(2) places responsibility on the Governor and Deputy Governors for ensuring that true accounts are kept of transactions entered into by the Bank and of its assets and liabilities and valuables entrusted to it.
SERAP said Sections 27 to 32 of the CBN Act define the Bank’s principal powers and functions, while Sections 49 and 50 provide for the audit of its accounts and requirements concerning its annual accounts and reporting.
The organisation also cited Nigeria’s obligations under the UN Convention against Corruption, particularly Articles 5 and 9, which concern anti-corruption policies and the proper management of public affairs and public funds.
SERAP said, “Identifying those responsible, ensuring that any perpetrators are brought to justice, and securing the full recovery of any missing or unaccounted-for public funds would serve the public interest and help to address impunity for the mismanagement of public resources.”
It added that “The findings also raise broader concerns about the CBN’s compliance with principles of transparency, accountability and responsible management of public resources.”
“Nigerians have the right to know the whereabouts and status of public funds. Taking the requested measures would advance the public interest in accountability, restitution, recovery and guarantees of non-repetition,” SERAP said.
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