By| Goodluck E.Adubazi, Abuja
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 spent on election funding and more than ₦1.63 trillion in other public funds identified in the 2023 report of the Auditor-General of the Federation.
SERAP, in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, warned that it would take appropriate legal action if the CBN fails to provide satisfactory explanations and accountability within the seven-day period.
The organisation said the allegations were documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026, with the findings covering various transactions between January and December 2023.
According to SERAP, the funds in question include ₦1.25 trillion in unrecovered CBN intervention loans granted to state governments, ₦116.18 billion in unrecovered loans to distressed and liquidated banks, ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, and $6.23 million reportedly spent following a purported request for election funding allegedly made in the name of former President Muhammadu Buhari.
SERAP urged Cardoso and the CBN to disclose the beneficiaries of the intervention loans, amounts disbursed, recovery measures taken and the current status of the funds.
It also demanded details of the ₦262.86 billion Anchor Borrowers’ Programme expenditure, including the names and number of beneficiaries and participating “Anchors,” amounts disbursed, utilisation of the funds, monitoring arrangements and recovery measures.
On the $6.23 million election-related expenditure, SERAP called on the CBN to publish the findings of its internal investigation into the alleged fraud, including measures taken to recover the funds and establish responsibility.
SERAP said the Auditor-General reportedly found that the CBN failed to recover ₦1.252 trillion in intervention loans granted to different states in 2023 and expressed concern that the funds might have been diverted to private purposes.
The organisation further cited the Auditor-General’s finding that the CBN failed to recover ₦116.179 billion in loans granted to distressed and liquidated banks, while also failing to provide audited or draft financial statements and schedules of recoveries and outstanding balances for audit scrutiny.
On the Anchor Borrowers’ Programme, SERAP said the Auditor-General reported that ₦262.859 billion was disbursed to support farmers and food production, but that significant amounts remained in the hands of some “Anchors,” potentially undermining the programme’s food-security objectives.
The Auditor-General also reportedly faulted the CBN for failing to provide the list and number of beneficiaries and the programme’s impact for audit assessment, while expressing concern that the funds could have been diverted to private purposes.
Regarding the alleged election funding, SERAP said the Auditor-General reported that the CBN failed to investigate an alleged fraud at its Abuja Branch involving $6.23 million.
According to the organisation, the CBN’s internal audit had disclosed that the money was spent based on a request for election funding purportedly made by the immediate past President, Muhammadu Buhari. However, the CBN allegedly failed to make its investigation report available to the audit team for scrutiny and confirmation.
SERAP said the Auditor-General consequently expressed concern that the funds might have been lost and that the payments could have been fraudulent, recommending recovery and remittance to the treasury.
Beyond the major financial allegations, SERAP also cited other issues raised in the Auditor-General’s report, including the CBN’s failure to account for seven overdue boxes of Awaiting Examination currency notes, which the Auditor-General reportedly linked to possible mismanagement of funds.
The organisation also referenced concerns over unserviceable vehicles abandoned at the CBN’s Lagos Branch and an unserviceable bullion van at its Abeokuta Branch, with the Auditor-General calling for evidence of disposal and replacement.
SERAP said it had urged the CBN to identify those responsible for the affected funds, take appropriate disciplinary measures and refer any suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities.
It also called for an independent forensic reconciliation of the sums identified by the Auditor-General, with relevant oversight and law-enforcement agencies involved where necessary, as well as the preservation of all records relating to the transactions and investigations.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
The organisation added that the “magnitude and nature” of the Auditor-General’s findings required urgent, independent and transparent action because they raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
SERAP further argued that the CBN’s institutional independence should not prevent constitutional audit, statutory accounting requirements, public financial oversight or investigation of credible allegations of financial misconduct.
It cited provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption as part of the legal framework underpinning its demands.
SERAP said identifying those responsible, ensuring that any perpetrators are brought to justice and recovering missing or unaccounted-for public funds would serve the public interest.
The organisation therefore asked Cardoso and the CBN to provide the requested explanations and documentation within seven days, failing which it said it would consider appropriate legal action.
