RismadarVoice Reporters, February 15, 2026
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for N3 trillion in public funds, including more than N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
In a statement signed on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said the suit followed allegations contained in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025.
The suit, filed last week at the Federal High Court in Abuja, is seeking “an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted N3 trillion, including detailed reports of how the funds were spent.”
The case, marked FHC/ABJ/CS/250/2026, was filed on behalf of SERAP by lawyers Oluwakemi Agunbiade and Valentina Adegoke.
According to the filing, “the Auditor-General stated that the CBN in 2022 failed to remit over N1 trillion (N1,445,593,400,000.00) being the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund (CRF).”
The Auditor-General reportedly expressed concern that the funds may have been diverted, recommended their recovery and remittance to the treasury.
SERAP further alleged that the CBN failed to recover over N629 billion (N629,040,000,000.0) disbursed to “unknown beneficiaries” under the Anchor Borrowers’ Programme, which was designed to support farmers and enhance food security.
According to the group, “the numbers of beneficiaries who collected the money are unknown,” and the funds have yet to be recovered. The Auditor-General was said to have warned that the alleged diversion could have contributed to challenges in sustaining food security in the country.
The organization also cited additional expenditures it described as questionable, including N125 billion reportedly spent on intervention activities without National Assembly approval, N1.79 billion used to procure 43 vehicles for the Nigeria Immigration Service without proper procurement documentation, and over N189 billion in contracts with irregular variations exceeding N9 billion.
It further alleged that the Katsina branch of the CBN failed to recover more than N90 million in outstanding loans granted to small and medium enterprises during the COVID-19 pandemic period.
SERAP referenced Paragraph 3112(ii) of the Financial Regulations 2009, which mandates surcharges and possible criminal referral for officers who fail to account for government revenue, as well as Section 51 of the Fiscal Responsibility Act, which allows citizens to seek enforcement through the Federal High Court.
The group argued that the allegations contained in the Auditor-General’s report suggest serious violations of public trust, the 1999 Constitution (as amended), the CBN Act, and anti-corruption standards.
“These violations reflect a broader failure of CBN accountability and are linked to the institution’s persistent non-compliance with its Act and the principles of transparency and accountability,” SERAP said.
It added that the lack of transparency has undermined public confidence in the apex bank.
“Nigerians have the right to know the whereabouts of the missing or diverted funds. Granting the reliefs sought would advance the right to restitution, compensation, and guarantee non-repetition,” the organization stated.
SERAP also cited Section 15(5) of the Constitution, which mandates public institutions to eliminate corrupt practices and abuse of power, and Section 13, which requires the CBN to uphold the provisions of Chapter II of the Constitution.
No hearing date has been fixed for the suit.
