The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) seven days to account for $6.23 million in allegedly diverted or unaccounted-for election funds and more than ₦1.63 trillion in other public funds identified in the Auditor-General of the Federation’s 2023 Annual Report.
SERAP made the demand in a letter dated September 26, 2026, signed by its deputy director Kolawole Oluwadare and addressed to CBN Governor Olayemi Cardoso. The organisation said the demand followed findings contained in Volume II of the Auditor-General’s 2023 report, published on August 7, 2026. Premium Times reported the development on September 27, 2026.
The funds identified by SERAP include more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in unrecovered loans to distressed and liquidated banks and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.
According to SERAP, the Auditor-General’s findings also showed that the CBN failed to provide auditors with sufficient information on beneficiaries, disbursements and recoveries relating to some of the intervention funds and the Anchor Borrowers’ Programme.
The $6.23 million concerns a separate election-related transaction. SERAP said the Auditor-General’s report cited a CBN internal audit finding that the money was spent following a purported request for election funding by former President Muhammadu Buhari.
The Auditor-General reportedly said the CBN failed to provide the internal investigation report on the alleged fraud for audit scrutiny and expressed concern that the money may have been lost and the payments may have been fraudulent. SERAP is demanding that the CBN publish the findings of its internal investigation and disclose measures taken to recover the funds.
SERAP is also asking the CBN to disclose the names and number of beneficiaries and participating anchors under the Anchor Borrowers’ Programme, amounts disbursed, how the funds were used, monitoring arrangements and recovery measures.
It wants the CBN to identify those responsible for any irregularities, take appropriate disciplinary action and refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The organisation is further demanding an independent forensic reconciliation of the sums identified by the Auditor-General and the recovery and remittance to the treasury of any funds found to have been diverted, lost or left unaccounted for.
SERAP said the audit findings raise concerns about compliance with the 1999 Constitution, Nigeria’s anti-corruption laws and the country’s obligations under the United Nations Convention against Corruption.
The organisation said the CBN has seven days from receipt of its September 26 letter to provide the requested explanations, warning that it would take “appropriate legal action” if the bank fails to respond.
The demand comes as SERAP continues to pursue accountability for public funds identified in Auditor-General reports. The organisation had previously sued the CBN in February 2026 over alleged failure to account for more than ₦3 trillion in public funds identified in an earlier audit report.
