The Socio-Economic Rights and Accountability Project has instituted a lawsuit against the Central Bank of Nigeria over what it described as the failure to account for about N3 trillion in public funds.
The civil society organisation said the suit, filed at the Federal High Court in Abuja, was prompted by findings contained in the 2025 annual report of the Auditor-General of the Federation, which raised concerns about unremitted revenue, unrecovered loans and questionable expenditures linked to the apex bank.
In the case marked FHC/ABJ/CS/250/2026, SERAP is asking the court to compel the CBN to provide a full account of the funds and explain how they were spent.
According to the group, the legal action seeks “an order of mandamus directing the CBN to disclose the whereabouts of the missing or diverted funds and provide detailed explanations of their utilisation.”
SERAP’s Deputy Director, Kolawole Oluwadare, said the allegations suggest serious lapses in financial accountability.
“The Auditor-General’s report raises disturbing concerns about public funds that may have been diverted or improperly managed,” he said.
“Nigerians deserve clear explanations on how these resources were used and whether they can still be recovered.”
The organisation specifically referenced over N1 trillion said to be the Federal Government’s share of operating surplus that was allegedly not remitted to the Consolidated Revenue Fund.
It also cited more than N629 billion reportedly paid to unidentified beneficiaries under the Anchor Borrowers’ Programme but yet to be recovered.
SERAP noted that the agricultural scheme was designed to support farmers and boost food production, warning that failure to track the funds could undermine food security efforts.
“The failure to recover these funds and identify beneficiaries raises concerns about transparency and the effectiveness of oversight mechanisms,” the group stated.
The organisation also questioned other expenditures attributed to the bank, including funds reportedly spent on intervention projects without legislative approval, vehicle purchases lacking procurement documentation, and contracts with irregular cost variations.
SERAP argued that such issues point to broader institutional accountability concerns.
“These allegations indicate possible violations of constitutional provisions, financial regulations and anti-corruption standards,” Oluwadare said. “Public institutions have a legal duty to prevent abuse of power and ensure proper management of national resources.”
The group further maintained that citizens have a constitutional right to demand accountability and transparency from public agencies.
“Granting the reliefs sought would help promote restitution, strengthen public trust and prevent future violations,” the statement added.
