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 $6.23 million allegedly spent on election funding and more than ₦1.63 trillion in other public funds or face legal action.
SERAP’s demand is contained in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
The organisation said the allegations were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026, with the findings covering various periods between January and December 2023.
According to SERAP, the funds in question include **₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, ₦262.86 billion disbursed under the Anchor Borrowers’ Programme and $6.23 million linked to an alleged election-funding request purportedly made in the name of former President Muhammadu Buhari.**
On the $6.23 million, SERAP said the Auditor-General reported an alleged fraud at the CBN’s Abuja branch, with the bank’s internal audit reportedly indicating that the money was spent following a purported request for election funding.
It said the Auditor-General also reported that the CBN failed to make its internal investigation report available for audit scrutiny, raising concerns over whether the funds were lost or fraudulently paid.
SERAP demanded that the CBN publish the findings of its internal investigation, disclose steps taken to recover the money and identify those responsible if wrongdoing is established.
The organisation also asked the apex bank to account for **₦1.252 trillion in intervention loans granted to various states**, including details of beneficiaries, amounts disbursed and recovery measures.
It said the Auditor-General had expressed concern that the funds might have been diverted to private purposes and recommended their recovery and remittance to the Treasury.
On the **₦116.18 billion** in loans to distressed and liquidated banks, SERAP demanded details of beneficiaries, outstanding balances and recovery efforts.
It equally sought a full account of the **₦262.86 billion Anchor Borrowers’ Programme**, including the number and identities of beneficiaries and participating anchors, amounts disbursed, utilisation, monitoring arrangements and recovery measures.
SERAP said the Auditor-General reported that the CBN failed to provide sufficient information on beneficiaries and the impact of the programme, while expressing concern that the funds could have been diverted to private purposes.
The accountability group further demanded an independent forensic reconciliation of the amounts identified in the audit report, as well as the preservation of records relating to the transactions and investigations.
It urged the CBN to identify those responsible for any financial irregularities established, take appropriate disciplinary action and refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities.
SERAP said any funds found to have been unlawfully lost, diverted or unaccounted for should be recovered and remitted to the Treasury.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It added that the CBN’s institutional independence did not exempt it from constitutional audit, statutory accounting requirements and public financial oversight.
SERAP also cited provisions of the 1999 Constitution, the CBN Act 2007 and Nigeria’s obligations under the UN Convention against Corruption as the legal basis for its demands.
The organisation warned that failure by Cardoso and the CBN to provide the requested explanations within seven days would trigger “appropriate legal action.”