RismadarVoice Reporters
October 11, 2026
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN), seeking accountability for $6.23 million in alleged election-related expenditure and more than ₦1.63 trillion in public funds identified in the Auditor-General of the Federation’s 2023 Annual Report.
The organisation is asking the Federal High Court in Abuja to compel the apex bank to disclose how the funds were managed, identify their beneficiaries and provide details of efforts to recover outstanding amounts.
SERAP disclosed the legal action in a statement issued by its Deputy Director, Kolawole Oluwadare.
The suit, marked FHC/ABJ/CS/2450/2026, was reportedly filed following findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026.
According to SERAP, the audit findings identified several transactions requiring further explanation, including $6.23 million allegedly disbursed for election-related purposes, ₦1.25 trillion in outstanding intervention loans to state governments, ₦116.18 billion in unrecovered loans to distressed and liquidated banks, and ₦262.86 billion under the Anchor Borrowers’ Programme.
The organisation is seeking an order of mandamus directing the CBN to provide comprehensive information on the transactions, including their purposes, beneficiaries, approval processes, repayment status and recovery measures.
SERAP also wants the bank to disclose the outcome of any internal investigation into the alleged $6.23 million election-funding fraud and identify individuals involved in authorising or processing the expenditure.
The disputed transaction was reportedly linked to an election-funding request purportedly made by former President Muhammadu Buhari.
SERAP said the Auditor-General’s report raised concerns that the CBN had not provided investigators with sufficient documentation to establish the legitimacy of the transaction or confirm the outcome of its internal inquiries.
The organisation stressed that the reported findings warranted further investigation to determine whether public funds had been improperly disbursed or lost.
Regarding the ₦1.25 trillion intervention loans to state governments, SERAP alleged that the funds remained unrecovered and that the audit raised questions about their utilisation and recovery arrangements.
It also cited ₦116.18 billion in outstanding loans involving distressed and liquidated banks, alleging that relevant financial statements and recovery schedules were not adequately made available for examination.
The organisation further questioned the management of ₦262.86 billion under the Anchor Borrowers’ Programme, an agricultural financing initiative established to support farmers and increase domestic food production.
According to SERAP, the Auditor-General’s findings indicated that substantial sums remained outstanding with programme participants, while supporting information on beneficiaries and programme outcomes was insufficient.
SERAP argued that these issues required a transparent accounting process to establish whether the funds had been properly utilised and whether recovery measures were being implemented.
Beyond the financial transactions, the organisation is seeking clarification on seven boxes of currency notes awaiting examination, unserviceable vehicles at the CBN’s Lagos branch and a bullion van at its Abeokuta branch.
It maintained that the CBN’s statutory independence did not remove its responsibility to comply with public financial accountability, audit and disclosure requirements.
SERAP cited provisions of the 1999 Constitution, the Central Bank of Nigeria Act 2007 and applicable anti-corruption obligations in support of its legal demands.
The organisation argued that public confidence in financial institutions depended on credible investigations, proper documentation and accountability where irregularities were established.
It also requested disclosure of any disciplinary or administrative measures taken against officials found responsible for financial misconduct.
The lawsuit was instituted by SERAP’s legal team, comprising Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
The allegations and audit concerns cited in the suit have not been established as findings of wrongdoing by the court. The outstanding loan figures also do not, by themselves, establish that the entire amounts were stolen or permanently lost.
No hearing date was indicated in the information provided, and the CBN’s response to the lawsuit was not available in that account.
