Amanze Chinonye
The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, seven days to account for $6.23 million linked to an alleged election-funding payment and more than ₦1.63 trillion in other public funds flagged in an audit report, Prime Business Africa reports.
In a letter dated Sept. 26 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation said it would take appropriate legal action if the CBN failed to provide the requested explanations. The demand is based on findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on Aug. 7, 2026.
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The funds include ₦1.252 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. SERAP said the audit raised concerns over the recovery, use and accountability of the funds.
SERAP also asked the CBN to explain a $6.23 million payment which, according to the Auditor-General’s findings cited by the organisation, followed a purported request for election funding attributed to Late former President Muhammadu Buhari. It called for the release of any internal investigation into the payment, identification of those responsible and recovery of any funds found to have been improperly disbursed.
The payment has previously featured in the criminal trial of former CBN Governor Godwin Emefiele. A CBN official testified that the bank released the money in cash for international election observers during the 2023 general election, while former Secretary to the Government of the Federation Boss Mustapha told the court that documents purporting to carry his and late Buhari’s approvals did not originate from their offices.
SERAP said the Auditor-General also found that the CBN had failed to provide auditors with sufficient information on the recovery of loans to distressed and liquidated banks and details of beneficiaries and the impact of the Anchor Borrowers’ Programme. The organisation said the audit raised concerns that some unrecovered funds could have been diverted to private purposes.
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It urged Cardoso and the CBN to disclose the beneficiaries of the affected funds, amounts disbursed and recovered, and measures taken to trace outstanding sums. SERAP also called for an independent forensic reconciliation of the transactions and for suspected criminal conduct to be referred to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and other competent authorities.
The organisation said other findings in the audit involved seven boxes of awaiting-examination currency notes and unserviceable vehicles at CBN branches.
It nevertheless centred its seven-day demand on the financial transactions and unrecovered funds, arguing that the CBN’s statutory independence does not exempt it from constitutional audit, financial reporting and public accountability requirements.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
