SERAP Sues CBN Over $6.23 Million in Election Funds, ₦1.63 Trillion in Public Funds

Socio-Economic Rights and Accountability Project (SERAP) don sue Central Bank of Nigeria (CBN), dey ask court to order di bank make e explain wetin happen to $6.23 million election money wey dem never account for, plus more than ₦1.63 trillion public funds wey Auditor-General of Federation flag for im 2023 report.

Di case wey SERAP file for Federal High Court for Abuja come after findings wey dem publish on August 7, 2026. Di findings cover money transactions and other matters wey happen from January reach December 2023.

SERAP dey ask court make e order CBN to explain wetin dem use di money do, who dem give am, wetin dem don do to recover any money wey dem spend wrongly, and wetin internal investigation wey dem carry out discover about di alleged fraud involving election funds.

According to Auditor-General report wey SERAP refer to for di case, di $6.23 million connect to one request for election funding wey dem claim say former President Muhammadu Buhari make.

Di report talk say CBN no provide di findings of im internal investigation make auditors fit examine am.

Di other public funds wey dey involved include more than ₦1.25 trillion wey dem give state governments as intervention loans, ₦116.18 billion wey dem lend to banks wey dey financial trouble and banks wey dem don shut down, plus ₦262.86 billion wey dem give out under Anchor Borrowers’ Programme.

SERAP still want CBN to identify di officials wey approve all di transactions and explain wetin dem don do to recover any money wey dem discover say dem release wrongly.

SERAP talk for di court case say, “Make public institutions, including CBN, dey accountable na important part of Nigeria constitutional democracy.”

Di organisation argue say even though CBN get independence, e no mean say di bank no need to submit to legal audit, follow financial reporting rules or face investigation when serious allegations of wrongdoing come up.

Di case also dey ask for records about seven boxes of naira notes wey dey wait for examination, plus vehicles wey no fit work again and wey dem reportedly abandon for CBN branches for Lagos and Abeokuta.

Court never announce date for hearing di case. Di allegations wey dey di lawsuit no automatically mean say dem don prove say person steal di money or say anybody commit crime.