The Central Bank of Nigeria (CBN) has been dragged before the Federal High Court in Abuja over its alleged failure to account for $6.23 million in election funds and more than ₦1.63 trillion in other public funds.
The lawsuit was filed by the Socio-Economic Rights and Accountability Project (SERAP).
SERAP is seeking an order compelling the apex bank to explain the whereabouts of the funds, disclose the beneficiaries and reveal the measures taken to investigate the alleged financial irregularities.
The suit followed allegations documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. The report identified several financial transactions and unrecovered funds involving the CBN during periods covered between January and December 2023.
In the suit, numbered FHC/ABJ/CS/2450/2026 and filed last Friday, SERAP is asking the court to compel the CBN to account for $6.23 million allegedly linked to a potentially fraudulent election-funding request purportedly made by former President Muhammadu Buhari.
The organisation is also seeking explanations for more than ₦1.25 trillion in intervention loans granted to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion reportedly disbursed under the Anchor Borrowers’ Programme.
SERAP wants the court to order the CBN to disclose the purposes of the transactions, the identities of the beneficiaries, the repayment status of the loans and the measures taken to recover the funds.
It is also seeking information about the findings of the CBN’s internal investigation into the alleged election-funding fraud, including the identities of officers and other individuals who approved the payments and any disciplinary or administrative action taken against those responsible.
The organisation further wants the apex bank to disclose records concerning seven boxes of currency notes awaiting examination at its facilities, as well as abandoned and unserviceable vehicles at its Lagos branch and a bullion van at its Abeokuta branch.
In its arguments, SERAP described accountability by public institutions as essential to Nigeria’s constitutional democracy and said the allegations raised serious questions about the management of public resources.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation argued.
SERAP said the Auditor-General’s findings suggested possible violations of the 1999 Constitution, the CBN Act, national anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.
“The magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” it stated.
The organisation also maintained that the CBN’s independence did not exempt it from scrutiny over its financial transactions and the management of public funds.
“The CBN’s institutional independence cannot reasonably be understood as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of fraud and other financial misconduct,” SERAP argued.
The suit was filed on behalf of the organisation by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.
According to the legal filing, the Auditor-General’s report found that the CBN failed to investigate an alleged fraud involving $6.23 million at its Abuja branch.
The report stated that the bank’s internal audit had disclosed that the money was spent following a request for election funding purportedly made by Buhari, who was Nigeria’s president at the time.
However, the CBN allegedly failed to make its investigation report available to the audit team for examination and confirmation.
SERAP said the Auditor-General expressed concern that the money might have been lost and that the payments could have been fraudulent. The audit report reportedly recommended that the funds be recovered and paid into the treasury.
The organisation argued that the CBN had a legal responsibility to explain the transactions, identify those who received or benefited from the funds and disclose the steps taken to investigate the allegations.
“The findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying responsibility and securing recovery where public funds have been unlawfully lost,” the suit stated.
The lawsuit also raised concerns about more than ₦1.25 trillion in intervention loans reportedly granted to different state governments.
According to findings by the Auditor-General as cited by SERAP, the CBN failed to recover ₦1,252,095,444,724.82 in the loans. The report expressed concern that the funds might have been diverted to private purposes and recommended their recovery and remittance to the treasury.
The audit findings also identified ₦116.18 billion in loans granted to distressed and liquidated banks that had allegedly not been recovered.
The CBN reportedly failed to present its 2023 audited or draft financial statements and a schedule showing recoveries and outstanding balances on the loans for the audit team to examine.
SERAP said these failures raised concerns about the transparency of the bank’s financial records and the status of the outstanding loans.
Another issue raised in the lawsuit concerns ₦262.86 billion reportedly spent under the Anchor Borrowers’ Programme, which was designed to support farmers and boost food production in Nigeria.
The Auditor-General’s report, as cited by SERAP, indicated that the funds remained with some programme anchors and raised concerns that this could undermine the initiative’s food-security objectives.
The CBN also allegedly failed to provide the audit team with a list and number of beneficiaries or information about the programme’s impact.
It expressed concern that the funds might have been diverted to private purposes and recommended that the outstanding amounts be recovered.
Beyond the financial transactions, SERAP accused the CBN of failing to account for seven boxes of currency notes that had remained in the category of awaiting-examination currency.
The Auditor-General reportedly warned that the failure to address the matter could lead to an increase in unexamined currency notes and possible mismanagement of funds. The report also recommended sanctions for gross misconduct.
The organisation further cited the abandonment of unserviceable vehicles at the CBN’s Lagos branch and a bullion van at its Abeokuta branch.
According to the findings, the condition of the vehicles had affected the smooth operation of the Lagos branch, while the unserviceable bullion van remained on the records of the Abeokuta office.
The Auditor-General warned that the situation could cause operational inefficiencies and delays in critical currency operations. The report called on the CBN to provide evidence of the disposal or replacement of the vehicles.
SERAP argued that the allegations required the bank to account for the affected funds and assets, identify those responsible for any wrongdoing and ensure that any money found to have been improperly paid or lost was recovered.
The organisation cited Section 15(5) of the Nigerian Constitution, which requires the state to abolish corrupt practices and abuse of power. It also referred to Section 13, which places a responsibility on government institutions to observe and apply the provisions of Chapter II of the Constitution.
SERAP further relied on provisions of the CBN Act 2007 concerning the bank’s accounts, assets, financial reporting and management responsibilities.
The organisation cited Section 7(2) of the Act, which places responsibility on the CBN Governor and Deputy Governors to ensure that proper accounts are kept of the bank’s transactions, assets, liabilities and valuables entrusted to it.
It also referred to Sections 27 to 32, which outline the bank’s principal powers and functions, as well as Sections 49 and 50, which provide for the audit of its accounts and requirements concerning annual accounts and reporting.
The organisation said Nigeria’s commitments under the United Nations Convention against Corruption also supported the need for transparency and proper management of public resources.
According to SERAP, identifying those responsible for any wrongdoing, ensuring that perpetrators are brought to justice and recovering missing or unaccounted-for public funds would serve the public interest and help address impunity in the management of government resources.
“The CBN has legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost,” the suit stated.
SERAP added that public spending by the CBN must remain subject to transparency, accountability and effective oversight, regardless of the bank’s institutional independence.
The lawsuit comes as Nigeria prepares for another general election in 2027.