The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for and explain the whereabouts of N3 trillion in missing or diverted public funds, including over N629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
The lawsuit followed grave allegations contained in the latest annual report by the Auditor-General of the Federation, published on 9 September 2025.
In suit number FHC/ABJ/CS/250/2026, filed last at the Federal High Court in Abuja, SERAP is seeking an order of mandamus to direct thet and compel the CBN to account for and explain whereabouts of the N3 trillion, including detailed reports on how the funds were spent.
SERAP argues that the Auditor-General’s findings suggest serious violations of public trust, the 1999 Constitution (as amended), the CBN Act, and anti-corruption standards. The organisation maintains that the alleged infractions reflect a broader failure of accountability within the apex bank and a persistent inability to comply with its governing laws and uphold transparency.
According to SERAP, the alleged violations have undermined the CBN’s ability to effectively discharge its statutory functions and eroded public trust and confidence in the institution. The group insists that Nigerians have a right to know the whereabouts of the funds and that granting the reliefs sought would advance citizens’ rights to restitution, compensation, and guarantees of non-repetition.
SERAP cited Section 15(5) of the Constitution, which mandates public institutions to abolish corrupt practices and abuse of power, and Section 13, which requires conformity with the provisions of Chapter 2 of the Constitution.
The suit, filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, references several key findings by the Auditor-General.
According to the report, the CBN in 2022 failed to remit over N1.445 trillion of the Federal Government’s share of operating surplus into the Consolidated Revenue Fund. The Auditor-General warned that the funds may have been diverted and called for their recovery and remittance to the treasury.
The report also alleges that over N629 billion paid to unknown beneficiaries under the Anchor Borrowers’ Programme has not been recovered. The programme was designed to support farmers and promote sustainable food production, but the identities of beneficiaries remain unclear. The Auditor-General expressed concern that the possible diversion of the funds may have worsened food security challenges.
Additionally, the CBN reportedly failed to recover over N784.41 billion in 32 unpaid and overdue loans and interventions disbursed between 2018 and May 2022. The Auditor-General noted insufficient evidence of recovery efforts and called for the funds to be recovered and remitted.
The report further alleged that the CBN spent over N125.374 billion on intervention activities related to national security, federal and state government projects, the armed forces, and financial sector capacity building. However, concerns were raised that the expenditure may have been made without National Assembly approval and lacked supporting documentation.
In 2022, the CBN also allegedly spent over N1.79 billion to purchase 43 operational vehicles for the Nigeria Immigration Service (NIS). The Auditor-General questioned the justification for the expenditure, stating that it did not align with the CBN’s statutory objectives. The NIS reportedly failed to provide evidence that the vehicles were supplied and delivered.
The report further revealed that the CBN awarded 43 contracts valued at over N189.50 billion. Contractors allegedly delayed project completion, sought extensions, and requested contract variations, leading to additional payments of over N9.27 billion. The Auditor-General said relevant procurement documentation was missing and warned that funds may have been diverted and projects abandoned.
In Katsina State, the CBN branch reportedly failed to recover over N90.16 million in outstanding loans and interventions disbursed to 33 small and medium enterprises during the COVID-19 pandemic in 2020.
Citing Paragraph 3112(ii) of the Financial Regulations 2009 and Section 51 of the Fiscal Responsibility Act, SERAP maintains that public officers who fail to account for government revenue may be surcharged and prosecuted, and that citizens have the legal standing to seek enforcement of fiscal responsibility laws.
No date has yet been fixed for the hearing of the suit.
