Socio-Economic Rights and Accountability Project Drags Central Bank of Nigeria to Court Over Alleged N3tn Missing Funds

1. The Socio-Economic Rights and Accountability Project (SERAP) has instituted legal action against the Central Bank of Nigeria (CBN) over its alleged failure to account for about N3 trillion in public funds, including over N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.

In a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare, SERAP said the suit was prompted by findings contained in the 2025 annual report of the Auditor-General of the Federation, published on September 9, 2025.

The case, filed last week at the Federal High Court in Abuja and marked FHC/ABJ/CS/250/2026, seeks an order of mandamus compelling the CBN to explain the whereabouts of the alleged missing or diverted funds and provide detailed accounts of how the money was spent.

According to the suit, filed by lawyers Oluwakemi Agunbiade and Valentina Adegoke on behalf of SERAP, the Auditor-General reported that the CBN failed in 2022 to remit over N1.44 trillion in operating surplus due to the Federal Government into the Consolidated Revenue Fund, raising concerns that the funds may have been diverted.

The report also alleged that more than N629 billion disbursed under the Anchor Borrowers’ Programme—an initiative designed to support farmers and boost food production—was paid to beneficiaries whose identities remain unknown. The Auditor-General warned that the failure to recover the funds may have worsened food security challenges in the country.

SERAP further cited other alleged irregular expenditures by the apex bank, including N125 billion on intervention projects said to lack National Assembly approval, N1.79 billion used to procure 43 vehicles for the Nigeria Immigration Service without proper documentation, and contract awards worth over N189 billion with variations exceeding N9 billion. It also referenced the alleged failure of the CBN’s Katsina branch to recover more than N90 million in COVID-19 intervention loans granted to small and medium enterprises.

The organisation argued that the allegations point to serious breaches of public trust and contraventions of the 1999 Constitution (as amended), the CBN Act, and anti-corruption regulations. It relied on provisions of the Financial Regulations 2009 and the Fiscal Responsibility Act, which empower citizens to seek judicial enforcement of accountability measures.

SERAP maintained that Nigerians are entitled to know how public funds are managed and urged the court to grant its application in the interest of transparency, restitution, and prevention of future violations.

No date has been scheduled for the hearing of the suit.