SERAP DEMANDS ACCOUNTABILITY AS IT SUES CBN OVER ALLEGED N3TRN LOSS
Read Time:1 Minute, 49 Second
By: Fasasi Hammad
Socio-Economic Rights and Accountability Project (SERAP) has instituted legal proceedings against the Central Bank of Nigeria (CBN), accusing the bank of failing to account for an alleged missing or diverted N3 trillion in public funds. The sum reportedly includes over N629 billion said to have been paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
The action follows allegations contained in the 9 September 2025 annual report of the Auditor-General of the Federation, which raised concerns about discrepancies in the CBN’s financial records.
In suit number FHC/ABJ/CS/250/2026, filed at the Federal High Court in Abuja, SERAP is seeking an order of mandamus compelling the CBN to disclose the whereabouts of the alleged missing funds and provide detailed explanations of how the money was spent.
SERAP argues that the Auditor-General’s findings point to serious breaches of public trust, the 1999 Constitution (as amended), the CBN Act, and established anti-corruption standards. According to the group, the alleged infractions reflect broader accountability lapses within the apex bank and undermine transparency in its operations.
Among the issues cited in the Auditor-General’s report are claims that the CBN in 2022 failed to remit over N1 trillion in operating surplus to the Consolidated Revenue Fund; did not recover more than N629 billion disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme; and left unpaid loans and interventions totaling over N784 billion outstanding.
The report also questioned over N125 billion reportedly spent on intervention activities without clear documentation or National Assembly approval, as well as N1.7 billion used to procure vehicles for the Nigeria Immigration Service, allegedly without proper records. Additionally, concerns were raised about contract awards totaling over N189 billion, including alleged irregular variations amounting to more than N9 billion.
SERAP maintains that Nigerians have a constitutional right to know how public funds are managed and argues that granting its requests would advance transparency, restitution, and safeguards against recurrence. The group is relying on constitutional provisions, the Fiscal Responsibility Act, the Financial Regulations 2009, and the Freedom of Information Act to support its case.
No hearing date has yet been scheduled for the matter.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0