Abuja, Nigeria — The Socio-Economic Rights and Accountability Project (SERAP) has taken the Central Bank of Nigeria (CBN) to court over its failure to account for $6.23 million in election-related funds and over N1.63 trillion in other public money flagged in the Auditor-General's 2023 annual report. The suit, filed at the Federal High Court in Abuja, demands that the apex bank explain what happened to these funds, name the beneficiaries, and reveal who approved the payments.
This is accountability, Nigerian style. No more looking away. SERAP is demanding answers, and the CBN has nowhere to hide.
What is SERAP demanding from the CBN?
SERAP is seeking a court order to compel the CBN to account for the funds, disclose the beneficiaries and repayment status of affected transactions, and identify officials responsible for approving and disbursing the money. The organisation also wants the bank to reveal the findings of its internal investigation into the alleged election-funding fraud.
The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday, following findings documented in Volume II of the Auditor-General's 2023 Annual Report, published on August 7, 2026.
Where did the money go? Breaking down the N1.63tn
The funds in question include:
- $6.23 million linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari
- N1.25 trillion in unrecovered intervention loans to state governments
- N116.18 billion in loans to distressed and liquidated banks
- N262.86 billion disbursed under the Anchor Borrowers' Programme
That's not pocket change. That's money meant to build, to feed, to grow this nation. And somebody has questions to answer.
What did the Auditor-General find?
The Auditor-General's report raised serious red flags. On the alleged election-funding fraud, the report stated that the CBN's internal audit disclosed the money was spent based on a request for election funding purportedly made by Buhari. However, the CBN failed to make the investigation report available to the audit team for scrutiny. The Auditor-General fears the money may have been lost and that the payments may have been fraudulent.
On intervention loans to state governments, the report said the CBN failed to recover over N1.2 trillion in loans granted to different states in 2023. The Auditor-General fears the money may have been diverted to private purposes.
For the Anchor Borrowers' Programme, the report noted that over N262 billion meant to support farmers remains in the hands of some 'Anchors,' which could hamper food-security objectives. The CBN allegedly failed to provide a list of beneficiaries or an assessment of the programme's impact.