Amanze Chinonye
Nigerian rights group Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking an explanation for $6.23 million in election-related payments flagged by the auditor-general and more than ₦1.63 trillion in other public funds reported as unrecovered or requiring further investigation, Prime Business Africa reports.
The lawsuit follows findings in Volume II of the Auditor-General of the Federation’s 2023 annual report, published on Aug. 7, 2026. The report raised concerns about the management of public funds, including intervention loans to state governments, loans to distressed and liquidated banks, and disbursements under the Anchor Borrowers’ Programme.
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SERAP Gives CBN Seven Days to Account for $6.23m Election Payment, ₦1.63trn Funds
In suit No. FHC/ABJ/CS/2450/2026, filed at the Federal High Court in Abuja, SERAP is seeking an order compelling the CBN to account for the funds, identify their beneficiaries and disclose measures taken to investigate suspected irregularities and recover any money found to have been improperly disbursed.
The $6.23 million payment was linked to an election-funding request purportedly made by former President Muhammadu Buhari, according to the auditor-general’s report. The report said the CBN’s internal audit identified the expenditure but that the bank failed to provide its investigation report to auditors for scrutiny. The auditor-general recommended that the money be recovered and remitted to the treasury.
The report also identified ₦1.25 trillion in unrecovered 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, which was established to support farmers and boost domestic food production.
Auditors raised concerns about outstanding loans and the CBN’s failure to provide sufficient documentation on recoveries, beneficiaries and programme outcomes. The report warned that some funds might have been diverted for private purposes, but the findings do not in themselves establish that misappropriation occurred.
SERAP is asking the court to compel the CBN to disclose the findings of its internal investigation into the alleged election-funding fraud, identify officials responsible for approving and disbursing the funds, and explain any disciplinary or administrative action taken.
The group is also seeking records concerning seven boxes of currency notes awaiting examination, unserviceable vehicles reportedly abandoned at the CBN’s Lagos branch and a bullion van at its Abeokuta branch. The auditor-general warned that the unresolved issues could undermine operational efficiency and delay critical currency operations.
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SERAP argued that the findings raise serious questions about transparency and the management of public resources. It said the CBN’s institutional independence does not exempt it from statutory accounting requirements, public financial oversight or investigations into credible allegations of financial misconduct.
The group cited provisions of Nigeria’s Constitution, the CBN Act of 2007 and the United Nations Convention against Corruption in support of its demand for accountability. It said an effective investigation should establish the facts, identify those responsible and facilitate the recovery of any public funds found to have been improperly paid or lost.
No date has been fixed for the hearing.
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.
