SERAP gives CBN seven days to explain alleged election funding payments
The Socio-Economic Rights and Accountability Project has asked Central Bank Governor Olayemi Cardoso and the bank to account for $6.23 million allegedly linked to election funding, as well as more than N1.63 trillion in other public funds. SERAP said failure to respond within seven days could lead to legal action.
The Socio-Economic Rights and Accountability Project has given Central Bank of Nigeria Governor Olayemi Cardoso and the CBN seven days to explain the whereabouts and use of $6.23 million allegedly linked to election funding, along with more than N1.63 trillion in other public funds. SERAP made the demand 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.
According to SERAP, the figures include more than N1.25 trillion in unrecovered intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and N262.86 billion disbursed under the Anchor Borrowers’ Programme. The organisation also cited an alleged payment of $6.23 million following a purported request for election funding by former President Muhammadu Buhari. SERAP said an internal audit had reportedly disclosed the payment, but that the CBN did not make its investigation report available to the Auditor-General’s audit team.
SERAP called on the CBN to publish transaction details, identify beneficiaries, explain monitoring and recovery measures, and release any internal investigation into the alleged payment. It also urged the bank to recover and remit to the treasury any funds found to have been improperly paid or lost. The group asked the CBN to support an independent forensic reconciliation involving oversight and law-enforcement bodies where necessary.
It said suspected criminal conduct should be referred to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission or other competent authorities. SERAP said the findings raised concerns about the custody, expenditure, accounting and safeguarding of public resources. The organisation said it would take legal action if the CBN failed to respond within the stated period.
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