By Seun Ibiyemi
The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over alleged failures to account for $6.23m in election-related funds and more than N1.63tn in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
The organisation is asking the Federal High Court in Abuja to compel the apex bank to disclose how the funds were spent, identify their beneficiaries, publish investigation findings and explain the measures taken to recover any money found to have been improperly disbursed.
The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday, following findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026.
SERAP disclosed the legal action in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare.
The funds under scrutiny include $6.23m linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari, N1.25tn in unrecovered intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, and N262.86bn allocated to the Anchor Borrowers’ Programme.
SERAP is seeking an order of mandamus compelling the CBN to account for the transactions and disclose their purposes, beneficiaries, repayment status and recovery measures.
The organisation also wants the court to compel the bank to release the findings of its internal investigation into the alleged election-funding fraud and identify the officials or other individuals who authorised and disbursed the funds.
The lawsuit raises questions about the management of public funds, the accountability of government financial institutions and the implementation of audit recommendations intended to safeguard public resources.
At the centre of the suit is $6.23m reportedly spent on the basis of an election-funding request purportedly made by Buhari.
According to SERAP, the Auditor-General’s report raised concerns about the CBN’s alleged failure to investigate the transaction and provide the relevant investigation report for audit scrutiny.
The audit report reportedly recommended that the funds be recovered and remitted to the treasury.
SERAP is asking the court to compel the CBN to disclose the circumstances surrounding the transaction, including the identities of those who requested, approved and received the money.
It is also seeking information on whether any investigation was conducted, what the findings established and whether disciplinary or administrative action was taken against any officials implicated.
The organisation said a transparent investigation was necessary to establish the facts surrounding the alleged fraud, determine responsibility and facilitate the recovery of public funds where wrongdoing is established.
The allegations remain subject to the legal process, and the suit seeks disclosure and accountability rather than constituting a judicial finding that the funds were unlawfully disbursed.
SERAP also cited more than N1.25tn in intervention loans to state governments that were allegedly not recovered.
According to the organisation, the Auditor-General’s findings raised concerns about the failure to recover the funds and the possibility that some of the money might have been diverted to private purposes.
The group wants the CBN to disclose the states and other beneficiaries involved, the terms of the loans, the amounts outstanding and the measures taken to recover the money.
The requested disclosures are also expected to clarify the repayment status of the loans and whether the bank initiated any enforcement or recovery procedures against defaulting beneficiaries.
The issue is significant because intervention loans are intended to support public policy objectives and provide financing for specific economic or developmental needs.
Where such funds remain unrecovered, questions arise over the effectiveness of loan administration, the adequacy of monitoring arrangements and the potential consequences for public finances.
SERAP is asking the court to compel the CBN to provide the relevant records and explain the steps taken to address the audit concerns.
The lawsuit also covers N116.18bn in loans to distressed and liquidated banks, which SERAP said were identified in the Auditor-General’s report as part of the outstanding financial accountability concerns.
The organisation wants the CBN to disclose the beneficiaries of the loans, the repayment status and any action taken to recover outstanding amounts.
Another major area of concern is N262.86bn allocated to the Anchor Borrowers’ Programme, a financing initiative designed to support farmers and strengthen agricultural production.
SERAP said the CBN allegedly failed to provide a list of beneficiaries and an assessment of the programme’s impact, raising concerns about the management and accountability of the funds.
The organisation is seeking details of the individuals, businesses and other entities that benefited from the programme, alongside information on loan repayments and recovery efforts.
It also wants the bank to disclose how the funds were deployed and the extent to which the programme achieved its intended objectives of supporting farmers and improving food production.
The disclosures, SERAP argued, would help establish whether the funds were properly administered and whether the relevant audit recommendations had been implemented.
Beyond the financial transactions, the organisation is asking the court to compel the CBN to disclose records relating to seven boxes of currency notes awaiting examination, unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
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The requested information forms part of SERAP’s broader demand for transparency over matters raised in the Auditor-General’s report.
The organisation wants the bank to explain the status of the items, the actions taken to address the concerns and whether any officials were held accountable where administrative failures were identified.
SERAP maintained that the CBN’s institutional independence did not exempt it from constitutional audit requirements, statutory accounting obligations or public financial oversight.
It argued that the bank, as a public institution responsible for managing critical aspects of Nigeria’s financial system, should provide adequate explanations for transactions and assets flagged by the country’s supreme audit institution.
Through the suit, SERAP is seeking a judicial order requiring the CBN to provide comprehensive information on the funds, their beneficiaries and the actions taken to address the audit findings.
The organisation also wants details of any disciplinary or administrative measures taken against officials implicated in the transactions.
Its legal action is intended to compel the bank to respond to the outstanding audit concerns and demonstrate that appropriate steps have been taken to protect public resources.
The case places renewed attention on the role of the Auditor-General in identifying weaknesses in public financial management and the responsibility of government institutions to respond to audit recommendations.
For SERAP, the central issue is whether the CBN has adequately investigated the transactions, accounted for the funds and pursued the recovery of money that may have been improperly disbursed.
The Federal High Court is yet to fix a date for the hearing of the suit.
