SERAP Sues CBN Over $6.23 Million Election Funds, Demands Accountability for ₦1.63 Trillion in Public Funds.

The Socio Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN), seeking accountability for $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.

The suit, filed at the Federal High Court in Abuja on Friday, October 9, 2026, follows concerns raised in Volume II of the Auditor General’s report, published on August 7, 2026. SERAP is asking the court to compel the apex bank to explain how the funds were spent, identify their beneficiaries and disclose measures taken to investigate suspected financial irregularities and recover outstanding amounts.

According to SERAP, the funds under scrutiny include approximately ₦1.25 trillion in unrecovered 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 organisation also cited $6.23 million in payments reportedly linked to an election-funding request purportedly made by former President Muhammadu Buhari.

On the dollar denominated transaction, the Auditor General reportedly raised concerns that the CBN had failed to provide its internal investigation report concerning the alleged irregularity at its Abuja branch for independent audit scrutiny. The report questioned whether the money had been properly accounted for and recommended that any funds found to have been lost or improperly paid should be recovered.

SERAP is also seeking disclosure of the purposes for which the funds were disbursed, the identities of individuals or organisations that benefited, the repayment status of outstanding loans and the findings of any internal investigations. It wants the bank to identify officials responsible for approving and releasing the funds and explain whether disciplinary or administrative action has been taken.

The organisation’s concerns extend to the Anchor Borrowers’ Programme, which was established to support agricultural production and improve access to financing for farmers. According to the audit findings cited by SERAP, the CBN did not provide a complete list of programme beneficiaries or sufficient information to assess its impact. The report also raised concerns about the recovery of funds disbursed through participating intermediaries, commonly referred to as anchors.

Regarding intervention loans to state governments, the Auditor General reportedly identified more than ₦1.25 trillion in outstanding recoveries. The report also highlighted concerns over loans to distressed and liquidated banks, alongside questions about the supporting financial statements and recovery records made available for audit examination.

SERAP argues that public institutions must remain accountable for the management of public resources, including funds administered by the CBN. The organisation cited the Nigerian Constitution, the Central Bank of Nigeria Act 2007 and Nigeria’s obligations under the United Nations Convention against Corruption in support of its legal action.

The lawsuit, marked FHC/ABJ/CS/2450/2026, seeks a court order compelling the bank to provide the requested information and account for the funds identified in the audit report. As of Sunday, October 11, 2026, no hearing date had been announced.

The case raises broader questions about public financial oversight, the recovery of government backed loans and the effectiveness of Nigeria’s audit and accountability mechanisms. Its outcome could help clarify the extent to which public institutions are required to disclose information about disputed transactions and respond to audit findings.

However, the allegations remain subject to investigation and judicial determination. The reported audit concerns do not, by themselves, establish that any named individual committed fraud or that every outstanding amount was unlawfully diverted.