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 more than ₦1.63 trillion in public funds and $6.23 million allegedly diverted, lost or unaccounted for.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
The organisation said the allegations were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
According to SERAP, the funds cited in the audit findings include more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, ₦262.86 billion disbursed under the Anchor Borrowers’ Programme and $6.23 million linked to an alleged fraudulent election-funding request purportedly made in the name of former President Muhammadu Buhari.
SERAP urged Cardoso and the CBN to provide details of the beneficiaries of the intervention loans, amounts disbursed and measures taken to recover the funds.
It also demanded an account of the ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, including the number and identities of beneficiaries and participating anchors, the amounts received, how the funds were utilised, monitoring arrangements and recovery efforts.
On the alleged election funding, SERAP asked the CBN to account for the $6.23 million reportedly spent following a purported request for election funding made in Buhari’s name.
It also demanded the publication of any internal investigation into the allegation, including measures taken to recover the funds and establish responsibility.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
It added that the scale and nature of the Auditor-General’s findings required “urgent, independent and transparent action”, arguing that they raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
SERAP said the findings raised concerns about the management of public funds and potential violations of the Nigerian Constitution, anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.
The organisation called on the CBN to identify individuals or entities responsible for the affected funds and take appropriate disciplinary measures.
It also urged the bank to refer any suspected criminal conduct to relevant law enforcement agencies, including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission.
SERAP further demanded that any funds found to have been diverted, lost or improperly paid be recovered and remitted to the Treasury.
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The organisation also called for an independent forensic reconciliation of the amounts identified in the Auditor-General’s report, with relevant oversight and law-enforcement bodies involved where necessary.
It urged the CBN to preserve all records relating to the transactions and investigations.
According to SERAP, the Auditor-General found that the CBN failed to recover more than ₦1.25 trillion in intervention loans granted to various state governments in 2023, raising concerns that some of the funds could have been diverted to private purposes.
The organisation also cited the alleged failure to recover ₦116.18 billion in loans granted to distressed and liquidated banks.
On the Anchor Borrowers’ Programme, SERAP said the Auditor-General reported that ₦262.86 billion had been disbursed to support farmers, but that some of the funds remained with participating “Anchors”.
SERAP also said the Auditor-General reported that the CBN failed to provide sufficient information on the beneficiaries and impact of the programme for audit assessment.
Regarding the $6.23 million, SERAP said the Auditor-General reported that the CBN failed to investigate an alleged fraud at its Abuja branch involving the funds.
According to SERAP, the CBN’s internal audit reportedly indicated that the money was spent following a purported request for election funding made in Buhari’s name.
However, SERAP said the Auditor-General reported that the CBN failed to make its investigation report available to the audit team for verification.
The organisation said the Auditor-General raised concerns that the funds might have been lost and that the payments could have been fraudulent, and called for their recovery and remittance to the Treasury.
SERAP also referenced other findings in the Auditor-General’s report, including the alleged failure by the CBN to account for seven boxes of awaiting-examination currency notes and abandoned unserviceable vehicles at its Lagos and Abeokuta branch offices.
The organisation said the audit findings covered various transactions and activities between January and December 2023.
SERAP said its demands were based, among other provisions, on the 1999 Constitution, the CBN Act 2007 and the United Nations Convention against Corruption.
The organisation gave Cardoso and the CBN seven days to respond to its demands, warning that it would consider “appropriate legal action” if the bank failed to do so.