The Socio-Economic Rights and Accountability Project (SERAP) has given Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and the apex bank seven days to account for US$6.23 million allegedly linked to election funding and more than ₦1.63 trillion in other public funds.
SERAP said failure to provide the requested explanations and records could lead to legal action.
The organisation made the demand in a letter dated 26 September 2026 and signed by its deputy director, Kolawole Oluwadare. The allegations are based on findings cited from Volume II of the Auditor-General of the Federation’s 2023 Annual Report, which SERAP said was published on 7 August 2026.
According to SERAP, the sums under scrutiny include ₦1.252 trillion in CBN intervention loans to states, ₦116.18 billion in loans to distressed and liquidated banks, ₦262.86 billion under the Anchor Borrowers’ Programme and US$6.23 million linked to an alleged election-funding request purportedly made in the name of former President Muhammadu Buhari.
SERAP demands details of CBN funds
SERAP asked Cardoso and the CBN to disclose the beneficiaries, amounts disbursed and recovery measures relating to the intervention loans to states and loans to distressed and liquidated banks.
It also requested details of beneficiaries and participating “Anchors” under the Anchor Borrowers’ Programme, including amounts disbursed, utilisation, monitoring arrangements and recovery efforts.
The organisation said the Auditor-General’s report found that the CBN had not recovered more than ₦1.25 trillion in intervention loans granted to different states in 2023.
SERAP also cited an unrecovered ₦116.18 billion in loans to distressed and liquidated banks, alongside the CBN’s reported failure to provide financial statements and schedules showing recoveries and outstanding balances for audit scrutiny.
$6.23m election funding allegation
On the dollar-denominated payment, SERAP said the Auditor-General reported that the CBN failed to investigate an alleged fraud at its Abuja branch involving $6.23 million.
According to the organisation, the CBN’s internal audit indicated that the money was spent following a request for election funding purportedly made by Buhari.
SERAP said the CBN did not make the investigation report available to the audit team, while the Auditor-General raised concerns that the funds could have been lost and that the payments may have been fraudulent.
SERAP wants the CBN to publish the findings of its internal investigation, identify those responsible and disclose measures taken to recover the funds.
Anchor Borrowers’ Programme under scrutiny
SERAP also cited the Auditor-General’s findings on ₦262.86 billion reportedly spent under the Anchor Borrowers’ Programme, which was designed to support farmers and food production.
The organisation said the audit raised concerns that the money remained with some “Anchors” and that the CBN had failed to provide the list and number of beneficiaries or the programme’s impact for audit assessment.
The Auditor-General reportedly recommended recovery of the funds and expressed concern that some of the money could have been diverted to private purposes.
Other CBN audit concerns
SERAP also cited other findings in the audit report, including seven overdue boxes of “Awaiting Examination” currency notes.
The Auditor-General reportedly warned of possible mismanagement and recommended sanctions for gross misconduct.
The audit findings also included unserviceable vehicles reportedly left at the CBN’s Lagos Branch and an unserviceable bullion van at its Abeokuta Branch. The Auditor-General called for evidence of their disposal and replacement.
SERAP calls for investigation and recovery
SERAP said the scale of the findings required investigation capable of establishing the facts, identifying responsibility and recovering any public funds unlawfully lost.
The organisation urged the CBN to refer suspected criminal conduct to relevant agencies, including the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC), where necessary.
SERAP also called for an independent forensic reconciliation of the sums identified by the Auditor-General and preservation of records relevant to the transactions and investigations.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
The organisation further argued that the CBN’s institutional independence does not exempt it from constitutional audit, statutory accounting requirements or public financial oversight.
