The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) demanding detailed accounting for what it calls an unexplained N3 trillion in public funds. The lawsuit was filed at the Federal High Court in Abuja and stems from allegations in the latest annual audit report by the Auditor-General of the Federation.
The suit, numbered FHC/ABJ/CS/250/2026, seeks a court order to compel the central bank to account for the allegedly missing or diverted funds. The organisation argues that the public has a right to know how these large sums were managed and spent. It specifically demands full disclosure of the funds’ disposition and documentation of all related transactions.
SERAP’s legal filing also highlights concerns about over N629 billion reportedly paid to “unknown beneficiaries” under the CBN’s Anchor Borrowers’ Programme. The organisation questions the legitimacy of these payments and the lack of transparent records concerning recipients and purposes.
The group alleges that the issues raised point to significant governance and compliance failures at the CBN. SERAP contends that the bank’s alleged failure to comply with statutory obligations undermines constitutional provisions and the institution’s legal framework, particularly the CBN Act and broader anticorruption standards. According to the lawsuit, such failures erode public trust and weaken confidence in the management of national resources.
SERAP’s filing quoted the Auditor-General’s report, asserting that the apex bank failed to remit substantial funds due to the consolidation accounts. It also cited instances in which funds disbursed under government programmes lacked clear documentation of beneficiaries and expenditure. The organisation argues that these discrepancies suggest possible diversion rather than legitimate use of public finances.
In its statement, SERAP underscored the constitutional obligation of public institutions to ensure transparent management of public funds. The organisation argues that granting the reliefs sought would uphold citizens’ right to information, strengthen accountability, and reduce the risk of future financial mismanagement.
The legal action reflects broader concerns about accountability in Nigeria’s public institutions. SERAP has previously pursued similar actions against government bodies for alleged failures to account for public funds, consistent with its mandate to promote accountability and transparency.
SERAP is not seeking punitive damages but rather a judicial mandate that obliges the CBN to present a full account of the questioned funds. The organisation also maintains that comprehensive disclosure would support restitution where appropriate and improve public oversight of national resources.
The lawsuit places pressure on the central bank at a time when public scrutiny of financial governance is heightened. Observers note that how the case proceeds could set precedent for future demands for accountability across government agencies. Analysts say that a clear explanation from the CBN could help restore confidence among citizens and investors alike.
As of now, no hearing date has been announced. Both legal experts and public interest advocates will be watching the case for indications of how the judiciary will address these high-stakes financial transparency issues.
