By Seun Ibiyemi
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 and more than ₦1.63 trillion in public funds identified in the 2023 Annual Report of the Auditor-General of the Federation, or face legal action.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
The organisation said the findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026, raised questions about the management, recovery and accounting of public funds by the CBN.
SERAP said the amounts involved include more than ₦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 linked to an alleged fraudulent election-funding request.
The allegations relate to audit findings covering various periods between January and December 2023.
The Auditor-General’s findings and recommendations do not, by themselves, establish that the funds were diverted or fraudulently spent.
SERAP urged Cardoso and the CBN to account for the more than ₦1.25 trillion in intervention loans granted to states and disclose the beneficiaries, amounts disbursed and measures taken to recover the outstanding funds.
It also demanded details of the ₦116.18 billion in loans granted to distressed and liquidated banks, including the beneficiaries, outstanding balances and recovery efforts.
On the Anchor Borrowers’ Programme, SERAP requested an account of the ₦262.86 billion disbursed, including the names and number of beneficiaries and participating “Anchors”, amounts released, utilisation, monitoring arrangements and recovery measures.
According to SERAP, the Auditor-General raised concerns that some of the funds could have been diverted to private purposes and recommended recovery and remittance to the Treasury.
SERAP also demanded an explanation for the US$6.23 million reportedly spent following a purported request for election funding allegedly made by former President Muhammadu Buhari.
According to the organisation, the Auditor-General’s report stated that the CBN’s internal audit had disclosed that the money was spent based on the purported request.
SERAP said the CBN failed to provide its internal investigation report on the alleged fraud to the audit team for scrutiny and confirmation.
The organisation therefore urged the CBN to publish the findings of any internal investigation, disclose measures taken to establish responsibility and recover the funds if they are found to have been improperly paid or lost.
SERAP called for an independent forensic reconciliation of the amounts identified in the Auditor-General’s report, with the involvement of relevant oversight and law-enforcement agencies where necessary.
It also urged the CBN to preserve all records relating to the transactions and investigations and to refer any suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities.
The organisation said those found responsible should face appropriate disciplinary or legal action and that any public funds established to have been unlawfully lost or diverted should be recovered and remitted to the Treasury.
SERAP also drew attention to other findings in the Auditor-General’s report concerning the CBN, including seven boxes of “Awaiting Examination” currency notes that had not been accounted for.
The report also reportedly raised concerns over unserviceable vehicles abandoned at the CBN’s Lagos Branch and an unserviceable bullion van at its Abeokuta Branch, recommending evidence of disposal and replacement.
SERAP said these findings further underscored the need for stronger systems of financial accountability and asset management within the apex bank.
SERAP argued that the CBN’s institutional independence does not exempt it from constitutional audit, statutory accounting requirements, public financial oversight or investigation of credible allegations of financial misconduct.
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“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It added that the scale of the findings required “urgent, independent and transparent action” to establish the facts, identify responsibility and secure recovery where public funds had been unlawfully lost.
SERAP also cited provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption as part of the legal framework underpinning its demands.
The organisation said Nigerians have a right to know the status and whereabouts of public funds and urged the CBN to provide a full account within seven days, failing which it said it would pursue appropriate legal action.
