The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the CBN seven days to account for $6.23m in allegedly diverted or unaccounted-for election funds and more than ₦1.63tn in other public funds.
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 in question include more than ₦1.25tn in unrecovered CBN intervention loans to state governments, ₦116.18bn in unrecovered loans to distressed and liquidated banks, ₦262.86bn disbursed under the Anchor Borrowers’ Programme, and $6.23m in payments linked to an alleged fraudulent election-funding request purportedly made by former President Muhammadu Buhari.
SERAP urged Cardoso and the CBN to account for the intervention loans to states and loans to distressed and liquidated banks, including the beneficiaries, amounts disbursed and measures taken to recover the funds.
It also demanded details of the ₦262.86bn disbursed under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating “Anchors”, amounts disbursed, utilisation, monitoring arrangements and recovery measures.
On the alleged election funding, SERAP asked the CBN to account for the $6.23m reportedly spent following a purported request for election funding by Buhari.
The organisation also called for the publication of the findings of any internal investigation into the alleged fraud, including steps taken to recover the funds and establish responsibility.
SERAP said the Auditor-General’s findings raised concerns about the management and accountability of public resources and potential violations of the 1999 Constitution, national anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
It added that the “magnitude and nature” of the findings required urgent, independent and transparent action, particularly regarding the custody, expenditure, accounting, safeguarding and recovery of public resources.
SERAP further urged the CBN to identify those responsible for the affected funds, take appropriate disciplinary measures and refer any suspected criminal conduct to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and other relevant authorities.
The organisation also called for the recovery and remittance to the treasury of any funds found to have been diverted, lost or unaccounted for.
SERAP urged the CBN to undertake or support an independent forensic reconciliation of the sums identified by the Auditor-General, involving relevant oversight and law-enforcement agencies where necessary.
It also called on the bank to preserve all records relating to the transactions and investigations.
According to SERAP, the Auditor-General found that the CBN had failed to recover ₦1.25tn in intervention loans granted to various state governments in 2023. The organisation said the Auditor-General expressed concern that the funds might have been “diverted to private purposes.”
SERAP also cited the alleged failure to recover ₦116.18bn in loans granted to distressed and liquidated banks.
On the Anchor Borrowers’ Programme, SERAP said the Auditor-General reported that ₦262.86bn had been spent to support farmers, but that the money remained in the hands of some “Anchors”.
The organisation further said the Auditor-General reported that the CBN failed to provide the list and number of beneficiaries of the programme and information on its impact for audit assessment.
Regarding the $6.23m allegation, 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 found that the money had been spent following a request for election funding purportedly made by Buhari.
SERAP said the Auditor-General noted that the CBN had failed to make the investigation report available to the audit team for scrutiny and confirmation. The Auditor-General, according to SERAP, expressed concern that the money might have been lost and that the payments may have been fraudulent, and called for the funds to be recovered and remitted to the treasury.
SERAP also cited other findings in the Auditor-General’s report, including the alleged failure of 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 Auditor-General’s findings covered various periods between January and December 2023.
SERAP cited provisions of the 1999 Constitution, the CBN Act 2007 and the United Nations Convention against Corruption as part of the legal basis for its demands.
The organisation said the CBN had seven days to respond or face “appropriate legal action.”
