-
The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and the apex bank seven days to account for $6.23 million allegedly linked to election funding.
-
SERAP said the funds under scrutiny include ₦1.252 trillion in unrecovered intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion under the Anchor Borrowers’ Programme.
-
The organisation also demanded an explanation for the $6.23 million allegedly spent following a purported election-funding request attributed to former President Muhammadu Buhari.
-
SERAP warned that failure by Cardoso and the CBN to provide satisfactory explanations within seven days could trigger legal action.
September 27, (THEWILL) – The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank seven days to account for $6.23 million allegedly linked to election funding and more than ₦1.63 trillion in other public funds identified in the Auditor-General of the Federation’s 2023 Annual Report.
SERAP said it would take “appropriate legal action” if the CBN failed to respond to its demands within the stipulated period.
The organisation made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, citing findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026.
According to SERAP, the audit findings, covering various periods between January and December 2023, raise questions over the recovery, accounting and management of several categories of public funds.
The sums cited include ₦1,252,095,444,724.82 in CBN intervention loans to states, ₦116,179,000,000 in loans to distressed and liquidated banks, ₦262,859,473,249.81 under the Anchor Borrowers’ Programme, and $6,230,000 reportedly spent following a purported request for election funding attributed to former President Muhammadu Buhari.
$6.23m Election Funding Allegation
On the most contentious finding, SERAP said the Auditor-General reported an alleged fraud at the CBN’s Abuja Branch involving $6.23 million.
According to SERAP, the CBN’s internal audit reportedly indicated that the money was spent following a request for election funding purportedly made by Buhari.
SERAP, however, stressed that the CBN allegedly failed to make the internal investigation report available to the Auditor-General for scrutiny and confirmation.
The Auditor-General, as cited by SERAP, expressed concern that the money might have been lost and that the payments could have been fraudulent, and recommended that the funds be recovered and remitted to the Treasury.
SERAP therefore demanded that Cardoso and the CBN publish the findings of the internal investigation, disclose measures taken to recover the money and establish responsibility for the transaction.
₦1.25trn State Intervention Loans
SERAP also demanded an account of more than ₦1.25 trillion in intervention loans granted to various state governments.
The organisation quoted the Auditor-General as finding that the CBN had failed to recover ₦1,252,095,444,724.82 in intervention loans granted to states in 2023.
SERAP said the Auditor-General expressed concern that the money might have been diverted to private purposes and recommended its recovery and remittance to the Treasury.
The organisation is asking the CBN to disclose the beneficiaries of the loans, amounts disbursed and steps taken to recover outstanding balances.
₦116bn Bank Loans, ₦262bn Anchor Borrowers’ Funds
On loans granted to distressed and liquidated banks, SERAP said the Auditor-General found that the CBN had failed to recover ₦116.18 billion.
It further alleged that the CBN failed to present its 2023 audited or draft financial statements, as well as schedules showing recoveries and outstanding balances on the loans, to the audit team for scrutiny.
SERAP said the Auditor-General consequently raised concerns that the funds might have been diverted.
The organisation also demanded an account of ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, which was designed to support farmers and boost food production.
According to SERAP, the Auditor-General found that the funds remained in the hands of some “Anchors”, potentially undermining the programme’s food-security objectives.
It said the CBN also failed to provide the list and number of beneficiaries, participating anchors and the programme’s impact for audit assessment, while recovery of the funds remained outstanding.
SERAP consequently asked the CBN to disclose the beneficiaries and participating anchors, amounts released, utilisation of the funds, monitoring arrangements and recovery measures.
READ ALSO:
SERAP Demands Forensic Probe
Beyond demanding explanations, SERAP called for an independent forensic reconciliation of the funds identified in the Auditor-General’s report.
It urged the CBN to identify those responsible for any affected funds, take appropriate disciplinary action and refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities where necessary.
The organisation also demanded full recovery and remittance to the Treasury of any money found to have been diverted, lost or otherwise unaccounted for.
SERAP said the CBN’s institutional independence should not be interpreted as immunity from constitutional audit, statutory accounting requirements, public financial oversight or investigation of credible allegations of financial misconduct. �
Other Audit Findings
SERAP also cited other issues contained in the Auditor-General’s report, including the CBN’s alleged failure to account for seven boxes of Awaiting Examination (A/E) currency notes.
According to the organisation, the Auditor-General warned that the situation could contribute to an increase in awaiting-examination currency notes and possible mismanagement of funds, recommending sanctions for gross misconduct.
The organisation further cited findings concerning unserviceable vehicles reportedly abandoned at the CBN’s Lagos Branch and an unserviceable bullion van at its Abeokuta Branch.
The Auditor-General reportedly warned that the condition of the vehicles could affect branch operations and critical currency operations and called on the CBN to provide evidence of their disposal and replacement.
Legal Basis
SERAP based its demands on provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption.
It specifically cited constitutional provisions requiring the State to abolish corrupt practices and abuse of power, while pointing to provisions of the CBN Act relating to the keeping of true accounts, auditing of the Bank’s accounts, and annual financial reporting.
SERAP said accountability of public institutions was fundamental to constitutional democracy and that Nigerians had a right to know the whereabouts and status of public funds.
It maintained that the scale of the findings warranted transparent investigation, recovery where necessary, and measures to prevent recurrence.
SERAP has therefore set a seven-day deadline for Cardoso and the CBN to respond to its demands, failing which the organisation said it would pursue appropriate legal action.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
