SERAP Gives CBN Seven Days to Account for ₦1.63 Trillion

 The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) seven days to provide a full account of more than ₦1.63 trillion in public funds flagged in the Auditor-General of the Federation’s 2023 Annual Report.

 SERAP issued the ultimatum in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, warning that it may take legal action if the CBN fails to provide satisfactory explanations within the stipulated period.

 The demand follows findings contained in Volume II of the Auditor-General’s 2023 report, which raised concerns over the management, recovery and accountability of several categories of public funds administered through the CBN.

 According to SERAP, the funds under scrutiny include more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.

 The organisation is demanding details of the beneficiaries of the intervention loans, amounts disbursed and measures taken to recover outstanding funds. It also wants the CBN to account for the Anchor Borrowers’ Programme disbursements, including beneficiaries, participating anchors, utilisation records, monitoring arrangements and recovery measures.

 SERAP is additionally seeking an explanation for US$6.23 million reportedly linked to an alleged election-funding request made in the name of former President Muhammadu Buhari.

 The organisation wants the CBN to disclose the findings of any internal investigation into the payment, including steps taken to recover the funds and establish responsibility.

 SERAP said the audit findings raise questions about the custody, expenditure, accounting, safeguarding and recovery of public resources. It also argued that the CBN’s institutional independence does not exempt it from applicable constitutional and statutory accountability requirements.

 The organisation further called for any suspected criminal conduct arising from the audit findings to be referred to the appropriate anti-corruption authorities for investigation and possible prosecution where sufficient evidence is established.

 The CBN had not publicly responded to the ultimatum at the time of filing this report.

 The figures and allegations cited in this report are attributed to SERAP and the Auditor-General’s report and do not constitute findings of criminal liability against any individual or institution unless established by the appropriate authorities.