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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 in allegedly diverted or unaccounted-for election funds and more than N1.63 trillion in other public funds, or face legal action.
SERAP made the demand in a letter dated September 26, signed by its Deputy Director, Kolawole Oluwadare, following findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. The Auditor-General said the findings covered various transactions between January and December 2023.
The funds cited by SERAP include more than N1.25 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, N262.86 billion disbursed under the Anchor Borrowers’ Programme, and $6.23 million linked to an alleged fraudulent election-funding request purportedly made by former President Muhammadu Buhari.
SERAP urged Cardoso and the CBN to provide details of beneficiaries of the intervention loans, amounts disbursed and measures taken to recover the funds.
It also demanded an account of the N262.86 billion released under the Anchor Borrowers’ Programme, including the number and identities of beneficiaries and participating “Anchors”, amounts disbursed, utilisation, monitoring arrangements, and recovery measures.
On the dollar-denominated payment, the organisation asked the CBN to account for the $6.23 million reportedly spent following a purported request for election funding by Buhari, and to publish the findings of any internal investigation into the alleged fraud, including steps taken to recover the money and establish responsibility.
SERAP said the scale of the allegations required urgent, independent and transparent action, arguing that they raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It urged the CBN to identify those responsible for the 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.
SERAP further called for an independent forensic reconciliation of the amounts identified by the Auditor-General, involving relevant oversight and law-enforcement institutions where necessary, as well as the preservation of records relating to the transactions and investigations.
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According to the organisation’s account of the Auditor-General’s report, the CBN failed to recover N1.252 trillion in intervention loans granted to different states in 2023. The Auditor-General reportedly expressed concern that the funds could have been diverted to private purposes and recommended their recovery and remittance to the treasury.
The report also identified N116.179 billion in loans to distressed and liquidated banks which the CBN had reportedly failed to recover. The CBN also allegedly failed to provide its 2023 audited or draft financial statements and schedules of recoveries and outstanding balances relating to the loans for audit scrutiny.
On the Anchor Borrowers’ Programme, the Auditor-General reportedly found that more than N262.859 billion had been spent to support farmers and food production, but that funds remained with some “Anchors”. The report also said the CBN failed to provide the list and number of beneficiaries and information on the programme’s impact for audit assessment.
The Auditor-General also reportedly raised concerns over an alleged $6.23 million fraud at the CBN’s Abuja Branch, saying an internal audit indicated that the money had been spent based on a request for election funding purportedly made by Buhari.
However, the report said the CBN failed to make its investigation report available to the audit team for scrutiny and confirmation. The Auditor-General reportedly expressed concern that the money could have been lost and that the payments may have been fraudulent.
SERAP also cited other findings concerning seven boxes of awaiting-examination currency notes, unserviceable vehicles at the CBN’s Lagos Branch, and an unserviceable bullion van at its Abeokuta Branch.
The organisation argued that 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.
It cited provisions of the Nigerian Constitution and the CBN Act 2007 relating to accountability, financial reporting, auditing, and management of the bank’s resources.
SERAP said identifying those responsible, bringing perpetrators to justice where wrongdoing is established, and recovering missing or unaccounted-for public funds would serve the public interest.
It also maintained that Nigerians have a right to know the whereabouts and status of public funds and called for measures that would strengthen accountability, restitution, recovery, and safeguards against recurrence.
