SERAP Gives CBN Seven Days to Account for $6.23m Election Funds, N1.63trn

The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) seven days to explain the whereabouts of $6.23 million allegedly spent on election funding and more than N1.63 trillion in other public funds.

SERAP made the demand in a letter dated September 26, 2026, and signed by its Deputy Director, Kolawole Oluwadare.

The organisation based its demand on findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

According to SERAP, the audit findings cover transactions and financial activities between January and December 2023.

The amounts under scrutiny include N1.25 trillion in CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and N262.86 billion released under the Anchor Borrowers’ Programme.

The figure also includes $6.23 million which the Auditor-General linked to a purported request for election funding allegedly made in the name of former President Muhammadu Buhari.

SERAP wants CBN Governor Olayemi Cardoso and the apex bank to provide details of the beneficiaries of the funds, the amounts involved and steps taken to recover outstanding sums.

On the state intervention loans, the organisation said the audit report found that the CBN had failed to recover N1.252 trillion granted to various states in 2023.

It added that the Auditor-General raised concerns that the funds could have been diverted to private purposes and recommended their recovery and remittance to the treasury.

SERAP also demanded an account of N116.18 billion in loans granted to distressed and liquidated banks.

It said the CBN failed to provide the audit team with its 2023 audited or draft financial statements and schedules showing recoveries and outstanding balances on the loans.

The organisation also turned its attention to the N262.86 billion spent under the Anchor Borrowers’ Programme.

According to the audit findings cited by SERAP, the CBN failed to provide the list and number of beneficiaries, details of the programme’s impact and evidence of recovery.

The Auditor-General reportedly warned that funds remaining with some “Anchors” could undermine the programme’s food-security objectives.

SERAP therefore asked the CBN to disclose the beneficiaries and participating anchors, amounts disbursed, utilisation of the funds, monitoring arrangements and recovery measures.

The election-funding allegation forms another major part of the demand.

SERAP said the Auditor-General reported that the CBN failed to investigate an alleged fraud involving $6.23 million at its Abuja branch.

The audit report reportedly stated that an internal audit had found that the money was spent following a request for election funding purportedly made by Buhari.

However, the CBN allegedly failed to make the internal investigation report available to the Auditor-General for examination.

SERAP wants the CBN to publish the findings of the investigation, identify those responsible and disclose measures taken to recover the money if the allegations are established.

Beyond the major financial issues, the organisation also pointed to other findings in the audit report involving the apex bank.

These include seven boxes of Awaiting Examination currency notes that the CBN allegedly failed to account for, as well as unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.

SERAP said the Auditor-General warned that the unresolved issues could affect the efficiency of currency operations and called for evidence of disposal and replacement of the vehicles.

In its letter, SERAP argued that the scale of the audit findings requires an independent and transparent investigation.

“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.

It urged Cardoso and the CBN to identify those responsible for any missing, diverted or unaccounted-for funds and refer suspected criminal conduct to relevant law-enforcement agencies.

SERAP specifically mentioned the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

It also called for a forensic reconciliation of the sums identified by the Auditor-General and urged the CBN to preserve all documents relating to the transactions and investigations.

The organisation maintained that the CBN’s independence does not shield it from constitutional audit, statutory accounting requirements or investigations into credible allegations of financial misconduct.

It cited provisions of the 1999 Constitution and the CBN Act 2007, which establish requirements for the bank’s financial records, assets, liabilities, annual accounts and auditing.

SERAP also referred to Nigeria’s obligations under the United Nations Convention against Corruption, particularly provisions dealing with the management of public resources and anti-corruption measures.

The organisation said Nigerians have a right to know the status and whereabouts of public funds and called for full recovery of any money found to have been improperly paid, lost or diverted.

SERAP warned that failure to provide the requested explanations within seven days would prompt it to consider appropriate legal action.

The demand places fresh attention on the Auditor-General’s findings and the CBN’s handling of public funds identified in the 2023 audit report.