The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over its alleged failure to account for US$6.23 million in election-related funds and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
In a statement announcing the lawsuit, SERAP said it filed suit number FHC/ABJ/CS/2450/2026 at the Federal High Court in Abuja last Friday, seeking an order of mandamus compelling the apex bank to account for the funds and disclose how they were managed.
The suit follows allegations documented in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026. The report examined financial transactions covering various periods between January and December 2023.
According to SERAP, the funds in question include US$6.23 million in payments linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari.
Other funds identified in the allegations 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.
SERAP is asking the court to compel the CBN to disclose the purposes for which the funds were released, their beneficiaries, repayment status and the measures taken to recover outstanding amounts.
The organisation is also seeking disclosure of the findings of the CBN’s internal investigation into the alleged election-funding fraud, as well as the identities of officers and other individuals who approved and disbursed the affected funds.
It further wants the apex bank to disclose any disciplinary or administrative action taken against those found responsible.
SERAP said the allegations raise serious questions about the management, safeguarding and recovery of public resources, stressing that accountability by public institutions is essential to Nigeria’s constitutional democracy.
The organisation argued that the allegations, if established, could raise issues under the 1999 Constitution, as amended, the Central Bank of Nigeria Act, relevant anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.
The lawsuit seeks to compel the CBN to provide answers on the flagged transactions and demonstrate what steps have been taken to account for or recover the funds.
The allegations remain subject to verification and judicial consideration. The filing of the suit does not, in itself, establish that the funds were unlawfully diverted or that any individual or institution is guilty of wrongdoing.
