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 more than N1.63 trillion in public funds and $6.23 million allegedly linked to election funding.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare. The organisation said its demands were based on findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
The funds cited by SERAP include N1.25 trillion in intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and N262.86 billion reportedly disbursed under the Anchor Borrowers’ Programme.
The organisation also questioned a $6.23 million payment which it said the Auditor-General linked to an alleged election-funding request attributed to former President Muhammadu Buhari.
SERAP asked the CBN to explain how the N1.25 trillion in intervention loans and N116.18 billion in loans to distressed and liquidated banks remain unrecovered.
It also demanded the publication of the names of beneficiaries, amounts received and measures being taken to recover the outstanding funds.
READ ALSO: SERAP asks UN to probe 37 deaths in NSCDC custody, reported Minna shootings
On the Anchor Borrowers’ Programme, SERAP requested a comprehensive breakdown of the N262.86 billion, including beneficiaries, amounts received, utilisation of the funds, monitoring arrangements and recovery plans.
Regarding the $6.23 million payment, the organisation urged the CBN to disclose how the money was spent, publish the findings of any internal investigation, identify those responsible and explain measures being taken to recover the funds.
SERAP said the Auditor-General’s findings raise questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said
It called for urgent, independent and transparent action on the audit findings and warned that failure to respond within seven days could lead to appropriate legal action.
The demands come amid a series of recent accountability actions by SERAP, including its separate call on the Independent National Electoral Commission to account for more than N126 billion in electoral funds flagged in the same Auditor-General’s report.