The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) at the Federal High Court in Abuja over the alleged failure to account for about N3 trillion in public funds.
The suit follows findings contained in the Auditor-General of the Federation’s annual report published on September 9, 2025, which raised concerns about missing or diverted funds under the apex bank’s management.
According to SERAP, the alleged unaccounted funds include over N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
In the suit marked FHC/ABJ/CS/250/2026, the organisation is seeking a court order compelling the CBN to provide a detailed explanation of the whereabouts of the funds and how they were utilised.
SERAP argued that the allegations point to serious breaches of public trust and possible violations of the 1999 Constitution (as amended), the CBN Act, and established anti-corruption standards. The group added that the situation reflects a failure of transparency and accountability, which has undermined public confidence in the institution.
In the court filings, the organisation stated: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion of the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund (CRF). The auditor-general fears that the money may have been ‘diverted.’”
SERAP also noted that the identities of the beneficiaries who received portions of the funds remain unknown.
No date has been fixed for the hearing of the case.
Meanwhile, in a related development, the Human and Environmental Development Agenda (HEDA) has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged financial mismanagement at the Nigeria Social Insurance Trust Fund (NSITF). The group called for a forensic audit and appropriate action against anyone found culpable, including prosecution and asset recovery where necessary.
