The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for N3 trillion in public funds, including more than N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
According to a statement signed Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the suit follows revelations contained in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025.
Filed last week at the Federal High Court in Abuja, the suit seeks “an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted N3 trillion, including detailed reports of how the funds were spent.”
In suit number FHC/ABJ/CS/250/2026, filed on behalf of SERAP by lawyers Oluwakemi Agunbiade and Valentina Adegoke, the organisation cited findings by the Auditor-General alleging that in 2022 the CBN failed to remit over N1.445 trillion in “Federal Government’s portion of operating surplus” into the Consolidated Revenue Fund (CRF).
“The Auditor-General fears that the money may have been diverted and has called for its recovery and remittance to the treasury,” the suit stated.
SERAP also referenced the Auditor-General’s claim that the CBN failed to recover more than N629 billion disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme, an initiative designed to support farmers and boost sustainable food production.
“The numbers of beneficiaries who collected the money are unknown,” SERAP said, adding that the alleged diversion may have contributed to ongoing food security challenges.
The organisation further alleged questionable expenditures by the apex bank, including N125 billion on intervention activities reportedly undertaken without National Assembly approval; N1.79 billion used to procure 43 vehicles for the Nigeria Immigration Service without proper documentation; and over N189 billion in contracts with irregular variations exceeding N9 billion.
Additionally, SERAP cited the alleged failure of the CBN’s Katsina branch to recover more than N90 million in outstanding COVID-19 intervention loans granted to small and medium enterprises.
Relying on Paragraph 3112(ii) of the Financial Regulations 2009 and Section 51 of the Fiscal Responsibility Act, SERAP argued that public officials who fail to account for government revenue should face surcharges and possible criminal referral, and that citizens are empowered to seek enforcement through the Federal High Court.
“These grim allegations suggest grave violations of public trust, the 1999 Constitution (as amended), the CBN Act, and anti-corruption standards,” the organisation stated.
SERAP maintained that the alleged lack of transparency has undermined the CBN’s statutory responsibilities and eroded public confidence.
“Nigerians have the right to know the whereabouts of the missing or diverted funds. Granting the reliefs sought would advance the right to restitution, compensation, and guarantee non-repetition,” it said.
No date has yet been fixed for the hearing.
