The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria seven days to account for $6.23 million and about N1.63 trillion in public funds referenced in the Auditor-General of the Federation’s 2023 report.
In a letter dated September 26, 2026, SERAP asked CBN Governor Olayemi Cardoso to explain the status, utilization and recovery of the funds and threatened legal action if the bank failed to respond.
The organization said the issues were drawn from Volume II of the Auditor-General’s 2023 Annual Report published on August 7, 2026.
The figures cited include N1.252 trillion in intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, N262.86 billion under the Anchor Borrowers’ Programme and $6.23 million reportedly linked to a purported request for election funding attributed to former President Muhammadu Buhari.
SERAP said the Auditor-General raised concerns that supporting records were not produced for audit review in some of the transactions and recommended recovery or further investigation where appropriate.
On the $6.23 million transaction, SERAP asked the CBN to publish the outcome of any internal investigation, explain recovery steps and identify persons responsible where wrongdoing is established.
It also demanded details of beneficiaries and recovery status for the intervention loans and Anchor Borrowers’ Programme funds.
SERAP urged the CBN to preserve relevant records, conduct an independent forensic reconciliation and refer suspected criminal conduct to competent anti-corruption agencies where evidence supports such action.
The allegations remain audit and advocacy claims requiring formal response, investigation and, where applicable, judicial determination. The supplied report does not contain a substantive CBN response.
