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 missing election funds and more than N1.63 trillion in other public funds.
The suit, marked FHC/ABJ/CS/2450/2026, was filed by the Lagos-based rights group Socio-Economic Rights and Accountability Project (SERAP), following revelations in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026.
According to the Auditor-General’s report, which covers January to December 2023, the apex bank allegedly failed to account for several large sums of public funds, including $6.23 million allegedly disbursed for election funding based on a fraudulent request purportedly linked to former President Muhammadu Buhari; N1.25 trillion in unrecovered intervention loans granted to state governments; N116.18 billion in loans to distressed and liquidated banks; and N262.86 billion under the Anchor Borrowers’ Programme, which remains with programme anchors and has not been recovered from beneficiaries.
Through its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu, SERAP is asking the court to issue an order of mandamus compelling the CBN to account for and disclose details of the missing funds.
The rights group is also seeking an order compelling the CBN to account for the $6.23 million and N1.63 trillion and disclose the beneficiaries, purposes, repayment status and findings of its internal investigation into the alleged election fraud.
SERAP is further seeking an order directing the CBN to identify the officers responsible for approving and disbursing the funds and disclose any disciplinary action taken against them. It is also asking the court to compel the bank to disclose records relating to seven boxes of currency notes awaiting examination, abandoned vehicles at its Lagos branch and unserviceable bullion vans at its Abeokuta branch, as well as ensure the full recovery and remittance of all diverted funds to the treasury.
In its suit, SERAP argued that “the accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy. The Auditor-General’s findings point to grave violations of public trust, the Nigerian Constitution, the CBN Act, and Nigeria’s obligations under the UN Convention against Corruption.”
The organisation argued that the CBN’s independence should not be interpreted as immunity from audits, public financial oversight or investigations into fraud. It added that the apex bank had failed to make its internal investigation report on the alleged $6.23 million fraud available to auditors, provide its 2023 audited financial statements or submit the list of beneficiaries under the Anchor Borrowers’ Programme.
The Auditor-General had reportedly expressed concerns that the funds might have been diverted for private purposes and recommended their recovery, sanctions for gross misconduct, and evidence of the disposal and replacement of abandoned assets.
As of the time of filing this report, no date had been fixed for the hearing of the suit.