SERAP drags CBN to courtroom over alleged N3trn lacking funds
The Socio-{Economic} Rights and Accountability Challenge (SERAP) has filed high-stakes lawsuit towards the Central {Bank} of Nigeria (CBN), accusing the apex {bank} of failing to account for or clarify the whereabouts of over N3 trillion in public funds.
Central to the case is the alleged fee of greater than N629 billion to “unknown beneficiaries” below the Anchor Debtors’ Programme, a scheme designed to spice up agricultural productiveness and meals safety. SERAP is demanding full disclosure of how the funds had been spent and who benefited from them.
The authorized motion follows grave allegations contained within the 9 September 2025 annual report of the Auditor-Basic of the Federation. In go well with quantity FHC/ABJ/CS/250/2026, filed on the Federal Excessive Courtroom in Abuja, SERAP is looking for an order of mandamus compelling the CBN to offer an in depth account of the allegedly lacking or diverted funds.
The organisation argues that the findings level to critical breaches of public belief and violations of constitutional and statutory provisions governing the {bank}’s operations.
SERAP mentioned the Auditor-Basic reported that in 2022 the CBN didn’t remit over N1.445 trillion in working surplus because of the federal authorities into the Consolidated Income Fund. The report warns that the funds could have been diverted and calls for his or her fast restoration.
It additionally highlights the {bank}’s failure to get better N629 billion disbursed to unidentified beneficiaries below the Anchor Debtors’ Programme, elevating issues that the lapses could have worsened Nigeria’s meals safety challenges.
The report additional particulars that the CBN didn’t get better N784.4 billion in 32 overdue loans and interventions granted between 2018 and Might 2022. Moreover, the {bank} reportedly spent N125.374 billion on intervention actions linked to nationwide safety and different authorities pursuits with out documented approval from the Nationwide Meeting.
The Auditor-Basic questioned whether or not the expenditures aligned with the CBN’s statutory aims and warned that the absence of supporting paperwork heightened fears of diversion.
Different controversial expenditures embody N1.79 billion spent on buying 43 operational autos for the Nigeria Immigration Service—an expense the Auditor-Basic described as unjustified and unsupported by procurement data.