CBN Must Account For Missing N100bn Dirty Notes, Other Public Funds, SERAP Insists

CBN GOVERNOR, OLAYEMI CARDOSO 

A Lagos-based rights group, Socio-Economic Rights and Accountability Project, SERAP, has tasked the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, to account for and explain the whereabouts of the over N100 billion dirty and bad notes and other large sums of cash awaiting examination which are kept in various branches of the apex bank.

In a statement made public by the group through its deputy director, Kolawole Oluwadare, the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation, AGF.

In urging the CBN boss to explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009 and to publish the names of the contractors who collected the money but failed to complete the projects, the human rights group urged the CBN helmsman to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu State government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.

SERAP equally asked Cardoso “to refer these grave violations of the Nigerian Constitution 1999 [as amended], the CBN Act and the country’s national and international anti-corruption obligations to appropriate anti-corruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”

Referencing its letter dated June 29, 2024, SERAP posited that “these grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.

“These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.

“These grave violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”

The letter read in part: “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. 

“If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.

“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.

“According to the recently published 2020 audited report by the Auditor General of the Federation, the Central Bank of Nigeria has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sums of cash awaiting examination in various branches of the CBN.

“The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘diverted and re-injected into the economy.’”

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