ABUJA, NIGERIA - The Socio-Economic Rights and Accountability Project (SERAP) has instituted a legal action against the Central Bank of Nigeria (CBN) over its alleged failure to account for about N3 trillion in public funds flagged in the latest report of the Auditor-General of the Federation.
The suit, marked FHC/ABJ/CS/250/2026 and filed at the Federal High Court in Abuja, seeks an order of mandamus compelling the apex bank to disclose the whereabouts of the funds and provide detailed explanations on how they were spent.
SERAP said the legal action followed what it termed grave allegations contained in the Auditor-General’s annual report published on September 9, 2025, which raised concerns about missing or diverted public resources, including over N629 billion reportedly paid to unidentified beneficiaries under the Anchor Borrowers’ Programme.
According to the organisation, the allegations point to serious breaches of public trust and violations of constitutional provisions, the CBN Act, and anti-corruption standards.
It argued that the situation reflects broader accountability failures within the apex bank and has undermined public confidence in its operations.
“The CBN ought to be committed to transparency and accountability in its operations. Nigerians have the right to know the whereabouts of the missing or diverted public funds,” SERAP said in court documents filed by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke.
Among the key issues raised in the Auditor-General’s report, SERAP alleged that the CBN failed to remit more than N1 trillion of the Federal Government’s share of operating surplus into the Consolidated Revenue Fund in 2022, raising fears that the funds may have been diverted.
The report also questioned the recovery of N629 billion disbursed under the Anchor Borrowers’ Programme to beneficiaries whose identities were reportedly unknown, warning that the development could have worsened challenges in sustaining food security in the country.
Further concerns included over N784 billion in unpaid and overdue loans and interventions disbursed between 2018 and May 2022, which auditors said lacked evidence of adequate recovery efforts by the bank.
SERAP also cited the alleged spending of over N125 billion on intervention activities related to national security and financial sector capacity building without documented approval from the National Assembly, as well as the purchase of 43 operational vehicles for the Nigeria Immigration Service at a cost exceeding N1 billion, which auditors described as unjustified and unsupported by procurement records.
The organisation additionally referenced 43 contracts worth over N189 billion, where contractors allegedly delayed project completion and later obtained irregular contract variations amounting to more than N9 billion without proper documentation.
SERAP argued that under the Nigerian Constitution and other applicable laws, citizens are entitled to access information about the activities of public institutions and to seek accountability for public funds.
“No date has yet been fixed for the hearing of the suit,” the organisation said.
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