SERAP gives CBN seven days to explain funds cited in audit report

The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its governor, Olayemi Cardoso, seven days to explain the handling of $6.23 million and more than ₦1.63 trillion in public funds cited in an Auditor-General’s report. In a letter dated 26 September 2026, SERAP said the allegations were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026. The organisation said the findings covered transactions from January to December 2023.

The amounts identified by SERAP include more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme. The $6.23 million relates to payments reportedly made following a purported request for election funding by former President Muhammadu Buhari. SERAP asked the CBN to publish the findings of any internal investigation, identify those responsible and disclose efforts to recover the money.

It also requested details of the beneficiaries of the state and bank loans, the amounts disbursed, recovery arrangements and the CBN’s audited or draft financial statements where relevant. For the Anchor Borrowers’ Programme, it sought information on beneficiaries, participating anchors, use of the funds and monitoring. SERAP said the scale of the findings required an independent and transparent response.

It called for a forensic reconciliation involving oversight and law-enforcement institutions if necessary, and asked that records relevant to the transactions be preserved. The organisation said the CBN’s institutional independence does not exempt it from constitutional audit, accounting requirements or investigation of credible financial-misconduct allegations. It warned that it would pursue appropriate legal action if the bank did not respond within seven days.