SERAP DEMANDS ACCOUNTABILITY FOR $6.23M ELECTION FUNDS, N1.63TN FROM CBN

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By: Fasasi Hammad

The Socio-Economic Rights and Accountability Project has given the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the CBN seven days to account for $6.23 million allegedly linked to unaccounted-for election funds, as well as more than N1.63 trillion in other public funds.

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

The organisation said the allegations were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

According to SERAP, the funds include more than N1.25 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in unrecovered loans to distressed and liquidated banks, N262.86 billion disbursed under the Anchor Borrowers’ Programme, and $6.23 million reportedly spent following a purported request for election funding by former President Muhammadu Buhari.

SERAP urged Cardoso and the CBN to account for the N1.25 trillion in intervention loans to states and the N116.18 billion in loans to distressed and liquidated banks. It also demanded details of the beneficiaries, amounts disbursed and measures taken to recover the funds.

The organisation further called on the CBN to provide details of the N262.86 billion disbursed under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating anchors, amounts released, utilisation of the funds, monitoring arrangements and recovery measures.

On the alleged election funding, SERAP asked Cardoso and the CBN to account for the $6.23 million reportedly spent following a purported request by Buhari.

It also demanded the publication of the findings of any internal investigation into the alleged fraud, including steps taken to recover the funds and establish responsibility.

SERAP said the accountability of public institutions, including the CBN, was an important pillar of Nigeria’s constitutional democracy.

The organisation added that the scale and nature of the Auditor-General’s findings required urgent, independent and transparent action, as they raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.

SERAP said the findings also raised concerns about the management of public funds and possible violations of the 1999 Constitution, national anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.

The organisation urged the CBN to identify those responsible for the affected funds, take appropriate disciplinary measures and refer any suspected criminal conduct to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and other relevant authorities.

It also called for the recovery and remittance to the treasury of any funds found to have been diverted, lost or left unaccounted for.

SERAP further urged the CBN to undertake or support an independent forensic reconciliation of the amounts identified by the Auditor-General, involving relevant oversight and law enforcement agencies where necessary, while preserving all records connected to the transactions and investigations.

According to SERAP, the Auditor-General found that the CBN had failed to recover N1.25 trillion in intervention loans granted to various state governments in 2023, raising concerns that the funds could have been diverted for private purposes.

The organisation also cited the alleged failure of the CBN to recover N116.18 billion in loans granted to distressed and liquidated banks.

Regarding the Anchor Borrowers’ Programme, SERAP said the Auditor-General reported that N262.86 billion had been disbursed to support farmers, with some of the funds allegedly remaining with participating anchors.

SERAP further said the Auditor-General reported that the CBN failed to provide the list and number of beneficiaries of the programme and details of its impact for audit assessment.

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

According to SERAP, the CBN’s internal audit reportedly indicated that the money was spent based on a purported request for election funding allegedly made by Buhari.

The organisation said the CBN failed to make the investigation report available to the audit team for scrutiny and confirmation, adding that the Auditor-General expressed concern that the funds might have been lost and that the payments could have been fraudulent.

SERAP said the Auditor-General consequently called for the recovery of the money and its remittance to the treasury.

The organisation also cited other findings in the Auditor-General’s report, including the alleged failure of the CBN to account for seven boxes of awaiting-examination currency notes and abandoned unserviceable vehicles at its Lagos and Abeokuta branch offices.

SERAP said the Auditor-General’s findings covered various periods between January and December 2023.

It further cited provisions of the 1999 Constitution, the CBN Act 2007 and the United Nations Convention against Corruption as part of the legal basis for its demands.

SERAP said the CBN had seven days to respond to the demands or face “appropriate legal action.”