SERAP demands CBN explain missing $6.23m and ₦1.63trn

The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the CBN seven days to explain the missing US$6.23 million in alleged diverted election funds and over ₦1.63 trillion in other public funds, or they will face legal action.

These serious claims are in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026. The Auditor-General says these findings cover January to December 2023.

The funds include over ₦1.25 trillion in unpaid CBN intervention loans to states; ₦116.18 billion in unpaid loans to struggling and liquidated banks; ₦262.86 billion given under the Anchor Borrowers’ Programme; and US$6.23 million linked to a suspected fraudulent election funding request from former President Muhammadu Buhari.

SERAP urged Mr. Cardoso and the CBN to account for over ₦1.25 trillion in loans to states and ₦116.18 billion in loans to banks. They also want details about who received the loans, how much was given, and what is being done to recover the money.

They also want the CBN to clarify the ₦262.86 billion given under the Anchor Borrowers’ Programme, including the names and number of beneficiaries, amounts given, how the money was used, and any recovery efforts.

Additionally, SERAP is asking the CBN to explain the US$6.23 million reportedly spent based on a supposed request for election funding from former President Muhammadu Buhari. They want the results of the internal investigation into this alleged fraud, including steps taken to recover the funds and assign blame.

In a letter dated 26 September 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organization said, "The accountability of public institutions, including the CBN, is an important part of Nigeria’s constitutional democracy."

SERAP stated, "The size and nature of these findings need urgent, independent, and clear action, as they raise serious questions about the handling, spending, accounting, protection, and recovery of public resources."

According to SERAP, "These findings from the Auditor-General raise major concerns about how public resources are managed and whether there are violations of the 1999 Nigerian Constitution (as amended), national anti-corruption laws, and Nigeria’s commitments under the UN Convention against Corruption."

The letter also said, "The findings involving public resources on this scale require a credible investigation to establish the facts, identify responsibility, and recover any public funds that may have been lost."

"SERAP urges him and the CBN to find those responsible for the affected public funds, take necessary disciplinary actions, report suspected criminal activities to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other authorities. They must ensure full recovery and return of any missing, lost, or unaccounted-for funds."

"SERAP also calls on him and the CBN to support an independent forensic review of the amounts noted by the Auditor-General, involving relevant oversight and law enforcement institutions when needed, and keep all records related to the transactions and investigations."

"The CBN’s independence does not mean it is immune from audits, accounting rules, public financial oversight, access to information, or investigations of credible financial misconduct claims."

"The CBN must explain each amount pointed out by the Auditor-General, clarify the basis for each transaction, identify who received or benefited from the funds, and explain how they are investigating, reconciling, and recovering any money found to be improperly paid or lost."

"Public spending, including by the CBN, must have effective oversight, transparency, and accountability. The large sums noted by the Auditor-General as unrecovered or unaccounted for cannot escape constitutional protections."

"The public needs to see effective oversight of withdrawals, spending, investment, and accountability measures. The ongoing management of public funds by the CBN must be transparent and subject to proper safeguards."

"According to the Auditor-General, the findings in the report cover the period from January to December 2023."

"The 2023 audited report of the Auditor-General found that the Central Bank of Nigeria (CBN) failed to recover over ₦1.2 trillion (₦1,252,095,444,724.82) in 'CBN intervention loans granted to different states in 2023.'"

"The Auditor-General fears that the money may have been 'diverted to private purposes' and recommends that it should be recovered and returned to the treasury."

"The CBN reportedly failed to recover over ₦116 billion (₦116,179,000,000.00) of loans given to struggling and liquidated banks."

"The CBN also did not provide its 2023 audited or draft Financial Statements and schedule of recoveries and outstanding balances against loans granted to distressed and liquidated banks for review. The Auditor-General fears the funds may have been 'diverted.'"

"The CBN reportedly spent over ₦262 billion (₦262,859,473,249.81) on the Anchor Borrowers’ Programme meant to help farmers and boost food production in the country. However, the money is still with some 'Anchors,' which could undermine the food security goals of the programme."

"The CBN also did not provide the list and number of beneficiaries of the programme or its impact for audit assessment. The CBN has not recovered this significant amount. The Auditor-General fears the funds may have been 'diverted to private purposes.'"

"The CBN reportedly failed to investigate an alleged fraud at its Abuja Branch Office, which amounts to over $6.2 million ($6,230,000.00). The CBN internal audit showed that the money was spent based on a request for election funding supposedly made by former President Muhammadu Buhari."

"However, the CBN did not make the investigation report of the alleged fraud available for the audit team to review and confirm. The Auditor-General fears that the money may have been 'lost' and that the payments may have been 'fraudulent.' He wants the money recovered and returned to the treasury."

"The CBN also failed to account for seven boxes of Awaiting Examination (A/E) Currency Notes, which may lead to an increase in these notes and 'mismanagement of funds.' The Auditor-General recommends sanctions for gross misconduct."

"The CBN reportedly abandoned some unserviceable vehicles at its Lagos Branch. The Auditor-General noted that the condition of these vehicles has negatively impacted the branch's operations due to their important roles for the Bank."

"The Auditor-General fears this may lead to inefficiency in the Branch Operations and delays in meeting critical currency operations and wants the CBN to provide proof of disposal and replacement of the vehicles."

"The CBN also abandoned an unserviceable bullion van at its Abeokuta Branch Office. This van remains on the branch's records. The Auditor-General shares the same fears about inefficiency in operations and wants evidence of disposal and replacement."

"SERAP points out that Section 15(5) of the Nigerian Constitution requires the State to 'abolish all corrupt practices and abuse of power.' Section 13 of the Constitution also requires all government bodies to comply with the provisions of Chapter II of the Constitution."

"The CBN Act 2007 sets specific responsibilities regarding the Bank’s accounts, assets, financial reporting, and management. Section 7(2) of the Act places responsibility on the Governor and Deputy Governors to ensure true accounts are kept of transactions and of the Bank’s assets and liabilities."

"Sections 27 to 32 of the CBN Act define the Bank’s main powers and functions. Section 49 provides for auditing the Bank’s accounts, while section 50 sets requirements for the Bank’s annual accounts and reporting. These rules reinforce that the CBN’s finances are subject to a legal framework of accounting, audit, and public accountability."

"Nigeria has made commitments under the UN Convention against Corruption to ensure accountability in managing public resources. Articles 5 and 9 of the Convention require States Parties to develop effective anti-corruption policies and manage public affairs and funds properly."

"Finding those responsible, bringing any wrongdoers to justice, and ensuring the full recovery of any missing or unaccounted public funds would benefit the public and address impunity in handling public resources."

"The findings also raise broader concerns about the CBN’s commitment to transparency, accountability, and responsible management of public funds. Nigerians deserve to know where public funds are and how they are used. Taking the requested actions would help promote accountability and recovery while preventing future issues."