SERAP sues CBN over $6.23m election funds, ₦1.63trn in unaccounted public money

By Kazeem Ugbodaga

The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking explanations for $6.23 million in allegedly unaccounted-for election funds and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 report.

In the suit, No. FHC/ABJ/CS/2450/2026, filed at the Federal High Court in Abuja, SERAP is asking the court to compel the CBN to account for the funds, disclose their beneficiaries and purposes, and provide details of recovery efforts and internal investigations.

The Auditor-General’s report, published on August 7, 2026, alleged that the CBN failed to investigate a $6.23 million payment linked to an election-funding request purportedly made by former President Muhammadu Buhari.

The report also identified ₦1.25 trillion in unrecovered 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.

SERAP further wants the court to compel the CBN to identify officials responsible for approving and disbursing the funds and disclose any disciplinary action taken.

It is also seeking records concerning seven boxes of currency notes awaiting examination, abandoned vehicles at the CBN’s Lagos branch and an unserviceable bullion van at its Abeokuta branch.

The organisation argued that the allegations raise serious concerns about transparency, public financial management and accountability, adding that the CBN’s independence does not exempt it from statutory audits and investigations into credible allegations of financial misconduct.

SERAP said the CBN should explain the transactions, identify individuals or entities that received the funds and disclose steps taken to investigate, reconcile and recover any money found to have been improperly paid or lost.

The suit, filed by SERAP’s lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu, cited constitutional provisions, the CBN Act and Nigeria’s obligations under the United Nations Convention against Corruption.

No date has been fixed for the hearing.