SERAP Sues CBN Over Alleged $6.23 Million Election Funds and ₦1.63 Trillion in Public Funds
The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking answers over alleged failures to account 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 lawsuit raises questions about public financial accountability, the management of government-related funds and the responsibility of public institutions to provide records when auditors identify concerns.
SERAP filed the case at the Federal High Court in Abuja, asking the court to compel the CBN to explain the transactions and disclose information about the funds.
What SERAP Wants the Court to Order
The organisation is seeking an order requiring the CBN to account for the funds, identify beneficiaries, disclose the purposes of the transactions and explain the steps taken to recover outstanding amounts.
It is also asking the court to compel the bank to disclose findings from an internal investigation into the alleged election-funding fraud and identify officials or other individuals responsible for approving and disbursing the money.
The allegations remain subject to legal scrutiny. A lawsuit and an audit query do not, by themselves, establish that every disputed amount was stolen or that any named individual has committed an offence.
The Funds Identified in the Audit Report
The Auditor-General’s report raised several concerns involving different categories of public funds.
These included $6.23 million linked to an election-funding request purportedly made by former President Muhammadu Buhari, ₦1.252 trillion in intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion associated with the Anchor Borrowers’ Programme.
The report called for explanations, investigations or recovery measures concerning the identified transactions.
The Anchor Borrowers’ Programme was designed to support agricultural production, making questions about the use and recovery of its funds particularly relevant to food security and public spending.
Questions About Public Accountability
SERAP argues that public institutions must be able to explain how public resources are handled and what action is taken when audit findings identify potential irregularities.
The organisation has also raised concerns about seven boxes of currency notes awaiting examination, abandoned vehicles at the CBN’s Lagos branch and an unserviceable bullion van at its Abeokuta branch.
The case highlights the importance of effective internal controls, reliable financial records and cooperation with authorised audit processes.
SERAP’s CBN Lawsuit: Key Details
| Detail | Information |
|---|---|
| Plaintiff | Socio-Economic Rights and Accountability Project |
| Defendant | Central Bank of Nigeria |
| Court | Federal High Court, Abuja |
| Election-related funds questioned | $6.23 million |
| Other public funds flagged | More than ₦1.63 trillion |
| Audit report | Auditor-General’s 2023 annual report |
| Main demand | Accounting, disclosure and recovery information |
The lawsuit places public financial accountability at the centre of national discussion. The next important development will be the court’s consideration of the claims and any responses or records the CBN provides.