SERAP Gives CBN Seven Days to Explain $6.23m Election Funds, ₦1.63trn Public Funds

The Socio Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, 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. SERAP said it would consider legal action if the CBN fails to provide the requested explanations within the seven day period.

The organisation made the demand in a letter dated September 26 and signed by its Deputy Director, Kolawole Oluwadare. The issues raised are contained in Volume II of the Auditor General of the Federation’s 2023 Annual Report, which was published on August 7, 2026.

According to SERAP, the $6.23 million relates to money reportedly spent following a purported request for election funding made in the name of former President Muhammadu Buhari. The organisation wants the CBN to publish the findings of its internal investigation into the transaction, disclose measures taken to recover the money and identify those responsible.

The Auditor General’s report, as cited by SERAP, said the CBN failed to make its internal investigation report available to the audit team for scrutiny and confirmation. The Auditor General consequently raised concerns that the money could have been lost and that the payments may have been fraudulent. SERAP is also demanding explanations concerning more than ₦1.63 trillion in other public funds.

The figure includes about ₦1.25 trillion in 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 organisation is asking the CBN to disclose the beneficiaries of the funds, amounts disbursed, how the money was used, monitoring arrangements and steps taken to recover outstanding funds.

The Auditor General reportedly raised concerns that some of the intervention funds could have been diverted to private purposes and recommended that unrecovered funds be recovered and remitted to the Treasury. For the Anchor Borrowers’ Programme, the audit findings reportedly indicated that the CBN had not provided the list and number of beneficiaries or sufficient information on the programme’s impact for audit assessment. The report also raised concerns about funds remaining with some participating “Anchors”.

SERAP has called for an independent forensic reconciliation of the funds identified in the audit report and urged the CBN to preserve relevant records. The organisation also wants anyone found responsible for financial misconduct to face appropriate disciplinary measures, while suspected criminal conduct should be referred to agencies including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

SERAP said the scale of the findings required an independent and transparent investigation to establish what happened to the funds and determine whether any money was unlawfully lost. The CBN has not, in the reports reviewed, been reported as having publicly responded to SERAP’s seven day demand.