The Socio-Economic Rights and Accountability Project (SERAP) has formally given the Central Bank of Nigeria (CBN) a strict seven-day deadline to explain how N3 trillion in public funds went missing. The demand comes after the Auditor-General of the Federation’s 2022 report allegedly revealed large sums that either weren’t remitted or may have been diverted.
In a letter dated 15 November 2025, signed by SERAP’s deputy director Kolawole Oluwadare, the group called on CBN Governor Olayemi Cardoso to “identify those responsible for the missing or diverted public funds and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.” SERAP also insisted that the full amount be recovered and returned to the national treasury without delay.
SERAP argued that the Auditor-General’s findings point to serious breaches of public trust, citing violations of the Constitution, the CBN Act, and recognized anti-corruption standards. Specifically, the Auditor-General reported that in 2022, the CBN failed to deposit more than N1.445 trillion of its operating surplus into the Consolidated Revenue Fund (CRF), a part the government should have received. SERAP quoted him raising the fear that this “may have been ‘diverted.’ ”
Additionally, over N629 billion distributed via the Anchor Borrowers’ Programme, intended to support small-scale farmers, was allegedly paid to unknown beneficiaries, and the CBN has reportedly not recovered any of it. The Auditor-General warns the funds “may have been diverted,” which “could have ‘contributed to the difficulty in sustaining food security in the Nation.’”
There’s also concern about N784.4 billion in overdue loans and interventions from between 2018 and May 2022. According to SERAP, there is “no evidence that the Bank was doing enough to recover” this money. On top of that, more than N125 billion was spent on so-called “intervention activities” in sectors like national security and financial capacity-building, transactions allegedly lacking proper documentation and possibly beyond the CBN’s legal remit.
SERAP stated that these 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 letter concluded with a warning: “If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you … in the public interest.”
If CBN fails to account for and recover this missing N3 trillion, Nigeria’s budget could face increased pressure, worsening its debt burden and constraining funding for essential services. Such fiscal opacity risks undermining investor confidence and slowing economic growth by signaling weak institutional governance.
