SERAP sues CBN over alleged lacking N3 trillion
The Socio-{Economic} Rights and Accountability Venture (SERAP) has filed a lawsuit in opposition to the Central {Bank} of Nigeria (CBN), demanding a full account of an alleged N3 trillion in lacking or diverted public funds.
The lawsuit can be searching for accountability over the sum of N629 billion reportedly paid to “unknown beneficiaries” below the Anchor Debtors’ Programme.
In a press release launched on Sunday, SERAP stated the authorized motion adopted what it described as “grave allegations” contained within the newest annual report of the Auditor-Normal of the Federation, revealed on September 9, 2025.
In response to the group, the swimsuit marked FHC/ABJ/CS/250/2026 was filed final week on the Federal Excessive Court docket in Abuja, searching for an order of mandamus to compel the apex {bank} to disclose the whereabouts of the funds and supply detailed explanations of how they had been spent.
SERAP argued that the findings within the Auditor-Normal’s report counsel severe breaches of constitutional provisions, the CBN Act, and established anti-corruption requirements.
The organisation acknowledged that the alleged diversion of funds displays a broader failure of accountability inside the central {bank} and undermines public confidence within the administration of nationwide sources.
SERAP added that the scenario highlights the CBN’s alleged failure to conform absolutely with its governing legal guidelines and to uphold ideas of transparency and accountability.
The group maintained that residents have a elementary proper to know the way public funds are managed and to demand accountability for any misuse.
It famous that granting the courtroom orders sought would assist safe restitution and compensation the place applicable, whereas additionally stopping a recurrence of such alleged abuses.
“Nigerians have the fitting to know the whereabouts of the lacking or diverted public funds,” SERAP stated, including that transparency is important to rebuilding belief in public establishments.
This isn’t the primary time SERAP has dragged the apex {bank} to courtroom. Final 12 months, the civil society group had additionally filed a lawsuit in opposition to the CBN “over the failure to disclose the small print of any direct funds to the 774 native authorities councils in Nigeria together with the quantities despatched to every council.”
In that lawsuit, SERAP was asking the courtroom to “direct and compel the CBN to reveal the small print of any direct funds to the 774 native authorities councils in Nigeria together with the quantities despatched to every council because the Supreme Court docket judgment.”
SERAP was additionally asking the courtroom to “direct and compel the CBN to reveal whether or not any direct cost has been produced from the Federation Account with the CBN to the native authorities councils in Rivers State and to elucidate the rationale for any such cost.”
The result of that lawsuit can’t be ascertained as of the time of submitting this report.
SERAP was created in 2004 and registered as a non-governmental, non-profit group below Nigerian legal guidelines.
The group stated it goals to make use of human rights regulation to encourage the federal government and others to deal with developmental and human rights challenges comparable to corruption, poverty, inequality and discrimination.
Amongst its a number of lawsuits in opposition to authorities establishments, final 12 months, SERAP additionally filed a lawsuit in opposition to the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) over its alleged failure to remit N500 billion in oil income to the Federation Account between October and December 2024.