Harry Archie
The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), asking a Federal High Court in Abuja to compel the bank to explain the handling of $6.23 million in alleged election-related payments and more than ₦1.63 trillion in other public funds.
The organisation filed the case following findings contained in the Auditor-General of the Federation’s 2023 annual report, published in August 2026.
The report raised questions about several transactions and funds that had allegedly not been properly accounted for or recovered.
SERAP is asking the court to order the CBN to disclose how the money was spent, identify the people or organisations that benefited from the funds, and explain what steps have been taken to investigate the transactions and recover any money lost.
According to the audit findings cited in the lawsuit, the $6.23 million payment was linked to an allegedly fraudulent request for election funding purportedly made by former President Muhammadu Buhari.
The report also raised concerns about loans to state governments, distressed banks and funds released under the Anchor Borrowers’ Programme.
The Anchor Borrowers’ Programme was designed to support farmers and improve agricultural production.
The Auditor-General reportedly questioned the recovery and accounting of more than ₦262 billion associated with the programme, including the identification of beneficiaries and the programme’s impact.
SERAP also wants the CBN to identify the officials responsible for approving the transactions and disclose any disciplinary or administrative measures taken over the issues.
