The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking to compel the apex bank to account for $6.23 million in allegedly diverted or unaccounted-for election funds and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday, October 9, 2026, at the Federal High Court in Abuja, according to The PUNCH, Vanguard and Channels Television in reports published on Sunday, October 11, 2026.
The funds identified in the report include $6.23 million linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari, ₦1.252 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme. The naira-denominated amounts total approximately ₦1.631 trillion.
The lawsuit follows findings documented in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026. The report raised concerns about the recovery of intervention loans, the management of funds disbursed under the Anchor Borrowers’ Programme and the CBN’s handling of the alleged election-funding fraud.
SERAP is seeking an order of mandamus compelling the CBN to explain the purposes of the transactions, identify the beneficiaries, disclose the repayment status of the loans and outline measures taken to recover outstanding funds.
The organisation also wants the bank to disclose the findings of its internal investigation into the alleged election-funding fraud, identify officers responsible for approving and disbursing the money, and state whether any disciplinary or administrative action has been taken.
SERAP is further seeking records concerning seven boxes of currency notes awaiting examination, unserviceable vehicles at the CBN’s Lagos branch and an unserviceable bullion van at its Abeokuta branch.
The organisation argues that the CBN’s institutional independence does not exempt it from constitutional audit requirements, statutory accounting obligations or public financial oversight. It maintains that the allegations require investigation to establish the facts, identify responsibility and recover any funds found to have been improperly paid or lost.
The lawsuit followed an earlier demand by SERAP for the CBN and its Governor, Olayemi Cardoso, to account for the funds.
In a letter dated September 26, 2026, SERAP gave the bank seven days to provide explanations, warning that it would take legal action if the response was unsatisfactory. Vanguard reported the ultimatum on September 27, while The PUNCH reported it on September 28, 2026.
SERAP subsequently approached the court after the deadline expired, seeking judicial intervention to compel the bank to provide the requested explanations and records.
The allegations have not been established as proven wrongdoing by the filing of the lawsuit. No date has been fixed for the hearing.
