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The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank seven days to account for US$6.23 million linked to an alleged election-funding request and more than N1.63 trillion in other public funds identified in the Auditor-General of the Federation’s 2023 Annual Report.
SERAP said it would take appropriate legal action if the CBN failed to provide satisfactory explanations within the stipulated period.
The demand was contained in a letter dated September 26, 2026, and signed by SERAP’s Deputy Director, Kolawole Oluwadare. The organisation said its concerns were based on findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026, covering transactions and activities variously recorded between January and December 2023.
According to SERAP, the funds under scrutiny comprise N1.252 trillion in unrecovered CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, N262.86 billion disbursed under the Anchor Borrowers’ Programme and US$6.23 million in payments linked to an alleged election-funding request purportedly made in the name of former President Muhammadu Buhari.
SERAP urged the CBN to provide details of the intervention loans granted to state governments, including the beneficiaries, amounts disbursed and measures taken to recover the outstanding funds.
It similarly requested an account of the N116.18 billion in loans to distressed and liquidated banks, including details of recoveries and outstanding balances.
On the Anchor Borrowers’ Programme, SERAP asked the CBN to disclose the names and number of beneficiaries and participating “Anchors”, amounts disbursed, utilisation of the funds, monitoring arrangements and measures taken to recover outstanding amounts.
The organisation also demanded an explanation of the US$6.23 million payment reportedly linked to an election-funding request. SERAP said the Auditor-General’s report indicated that the CBN’s internal audit had identified the payment and that the bank did not make its investigation report available to the audit team.
SERAP therefore urged the CBN to publish the findings of its internal investigation, disclose any measures taken to recover the funds and identify those responsible if wrongdoing is established.
The organisation also called for an independent forensic reconciliation of the funds identified in the audit report and the preservation of relevant records.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
It further urged the CBN to take appropriate disciplinary measures where necessary and refer any suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities.
SERAP said the audit findings raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources, and cited provisions of the 1999 Constitution, the CBN Act 2007 and the United Nations Convention against Corruption in support of its demands.
The Auditor-General reportedly stated that the CBN had failed to recover N1,252,095,444,724.82 in intervention loans granted to various state governments in 2023 and expressed concern that the funds might have been diverted to private purposes. The report recommended recovery and remittance of the funds to the treasury.
The audit report also reportedly faulted the CBN over N116,179,000,000 in loans granted to distressed and liquidated banks, noting that the bank failed to provide its 2023 audited or draft financial statements and schedules of recoveries and outstanding balances for audit scrutiny.
On the Anchor Borrowers’ Programme, the report reportedly identified N262,859,473,249.81 disbursed to support agricultural production and raised concerns about funds remaining with some participating “Anchors”, as well as the CBN’s failure to provide the audit team with adequate information on beneficiaries and the programme’s impact.
The report further raised questions over a US$6.23 million payment reportedly made following an election-funding request purportedly made in the name of the former President. According to the reports, the Auditor-General said the CBN failed to provide its investigation report on the matter to the audit team.
Other issues reportedly identified in the audit included the CBN’s failure to account for seven boxes of “Awaiting Examination” currency notes and the abandonment of unserviceable vehicles at its Lagos Branch and an unserviceable bullion van at its Abeokuta Branch.
SERAP said identifying those responsible for any unlawful loss of public funds, recovering such funds and ensuring accountability would serve the public interest.
The CBN had not, in the reports reviewed, provided a substantive response to SERAP’s demands as of publication.
The matter stems from findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
The report contains audit observations concerning several CBN transactions and recoveries relating to 2023.
SERAP subsequently wrote to CBN Governor Olayemi Cardoso and the bank on September 26, 2026, demanding explanations and accountability within seven days.
The issues include unrecovered intervention loans to state governments, loans to distressed and liquidated banks, funds disbursed under the Anchor Borrowers’ Programme and a US$6.23 million payment reportedly associated with an election-funding request purportedly made in the name of former President Muhammadu Buhari.
