By Adeyemi David
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for ₦3 trillion in public funds, including more than ₦629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
In a statement on Sunday, SERAP Deputy Director Kolawole Oluwadare said the suit follows allegations detailed in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025.
Filed last week at the Federal High Court in Abuja, the suit (FHC/ABJ/CS/250/2026) seeks “an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted ₦3 trillion, including detailed reports of how the funds were spent.”
SERAP is represented in court by lawyers Oluwakemi Agunbiade and Valentina Adegoke.
According to SERAP, the Auditor-General’s report indicates that in 2022, the CBN failed to remit over ₦1.44 trillion of the federal government’s portion of operating surplus into the Consolidated Revenue Fund (CRF), raising concerns that the funds may have been diverted.
“The CBN also failed to recover over ₦629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a scheme meant to support farmers to ensure sustainable food production,” the statement read.
“The number of beneficiaries who collected the money is unknown, and the Auditor-General fears the funds may have been diverted, contributing to difficulties in sustaining national food security.”
SERAP also cited other questionable expenditures by the CBN, including ₦125 billion on intervention activities allegedly lacking National Assembly approval, ₦1.79 billion spent to purchase 43 vehicles for the Nigeria Immigration Service without proper procurement records, and over ₦189 billion awarded in contracts with irregular variations exceeding ₦9 billion.
The civil society group is demanding that the CBN provide full disclosure of the missing funds, arguing that accountability is critical to safeguarding public resources and restoring public confidence in the financial management of the country.
