The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) over allegations that the apex bank failed to properly account for about N3 trillion in public funds, including more than N629 billion reportedly paid to unidentified beneficiaries under the Anchor Borrowers’ Programme.
The suit, filed last week at the Federal High Court in Abuja, follows findings contained in the latest annual report of the Auditor-General of the Federation, released on September 9, 2025.
In a statement issued on Sunday, February 15, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said it is seeking an order of mandamus compelling the CBN to provide a full explanation of the alleged missing or diverted funds and detailed records of how the money was spent.
According to court documents marked FHC/ABJ/CS/250/2026, SERAP, represented by lawyers Oluwakemi Agunbiade and Valentina Adegoke, argued that the CBN failed in 2022 to remit over N1.4 trillion in operating surplus belonging to the Federal Government into the Consolidated Revenue Fund.
The group also raised concerns over several expenditures it described as questionable, including N125 billion allegedly spent on intervention programmes without National Assembly approval, N1.79 billion used to procure 43 vehicles for the Nigeria Immigration Service without proper documentation, and more than N189 billion awarded in contracts with irregular variations exceeding N9 billion.
SERAP further alleged that the Katsina branch of the CBN did not recover over N90 million in loans granted to small and medium-scale enterprises during the COVID-19 period.
Citing provisions of the Financial Regulations 2009 and the Fiscal Responsibility Act, the organisation said public officers who fail to account for government revenue should face surcharges and criminal investigation, stressing that citizens are empowered to seek enforcement through the courts.
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“These disturbing allegations point to serious breaches of public trust and violations of the Constitution, the CBN Act, and anti-corruption standards,” SERAP said, adding that persistent failures in transparency have weakened accountability within the apex bank and eroded public confidence.
The group maintained that Nigerians are entitled to know the whereabouts of the funds and argued that granting its reliefs would promote restitution, compensation, and prevent future abuses.
SERAP also referenced constitutional provisions obliging public institutions to eliminate corruption and uphold principles of accountability in the management of public resources.
As of the time of filing this report, no hearing date has been fixed for the case.