SERAP Demands CBN Account $6.23M Election Funds Amid Auditor-General Report

• SERAP has given the CBN and Governor Olayemi Cardoso seven days to account for over N1.63 trillion in public funds and US$6.23 million in alleged election funds.
• The demand is based on findings from Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
• Funds in question include N1.25 trillion in unrecovered CBN intervention loans to states, N116.18 billion in loans to distressed banks, and N262.86 billion from the Anchor Borrowers’ Programme.
• SERAP specifically seeks accountability for US$6.23 million linked to an alleged fraudulent election-funding request by former President Muhammadu Buhari.
• The organization urges the CBN to identify those responsible, take disciplinary action, refer criminal conduct to anti-corruption agencies, and recover all diverted or unaccounted funds.

The organization argues that the scale and nature of the Auditor-General's findings necessitate immediate, independent, and transparent action, as they raise profound questions about the custody, expenditure, accounting, safeguarding, and recovery of public resources.

The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, demanding a comprehensive account for a total of over N1.63 trillion in public funds, alongside US$6.23 million in alleged election-related payments. This significant demand, conveyed in a letter dated September 26, 2026, and signed by SERAP's Deputy Director, Kolawole Oluwadare, underscores growing pressure for transparency in the management of Nigeria's financial resources.

The civil society organization's call for accountability stems directly from findings detailed in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, which was made public on August 7, 2026. The report highlights several critical areas of concern regarding the CBN's financial operations and the handling of substantial public funds, prompting SERAP to seek urgent clarification and action from the nation's apex bank.

SERAP's demand targets several distinct categories of funds, each representing a considerable sum. These include over N1.25 trillion in unrecovered intervention loans provided by the CBN to various state governments, raising questions about the efficacy and recovery mechanisms of these financial lifelines. Additionally, the organization is seeking answers regarding N116.18 billion in unrecovered loans extended to banks that are now either distressed or have been liquidated, pointing to potential systemic issues in lending practices.

Further scrutiny is directed at N262.86 billion disbursed under the Anchor Borrowers' Programme, a key initiative aimed at boosting agricultural output. SERAP has requested detailed information on the beneficiaries, participating 'Anchors,' amounts disbursed, utilization, monitoring arrangements, and any recovery measures associated with this program. A particularly contentious item is the US$6.23 million in payments allegedly linked to a fraudulent election-funding request purportedly made by former President Muhammadu Buhari, for which SERAP demands an account and the publication of internal investigation findings, including steps taken for recovery and establishing responsibility.

SERAP emphasizes that the accountability of public institutions, including the Central Bank of Nigeria, forms a fundamental pillar of Nigeria's constitutional democracy. The organization argues that the scale and nature of the Auditor-General's findings necessitate immediate, independent, and transparent action, as they raise profound questions about the custody, expenditure, accounting, safeguarding, and recovery of public resources.

The identified issues, according to SERAP, suggest serious concerns regarding the management and accountability of public funds, potentially indicating violations of the 1999 Nigerian Constitution (as amended), national anti-corruption laws, and Nigeria’s commitments under the United Nations Convention against Corruption. SERAP has urged Governor Cardoso and the CBN to identify all individuals responsible for the affected funds, implement appropriate disciplinary measures, and refer any suspected criminal conduct to relevant authorities such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC). The organization also calls for the recovery and remittance of any diverted, lost, or unaccounted-for funds back into the national treasury, stressing the CBN's clear legal obligations to provide a full account for each identified amount.

The ultimatum issued by SERAP highlights a critical juncture for public finance management in Nigeria, signaling heightened scrutiny over how public funds are allocated, utilized, and recovered. The demand for an independent forensic reconciliation of the sums identified by the Auditor-General, potentially involving oversight and law-enforcement institutions, underscores the gravity of the allegations and the need for a thorough, impartial review.

This development places significant pressure on the CBN to demonstrate its commitment to transparency and good governance. The call to preserve all records relevant to the transactions and investigations reflects a proactive approach to ensuring that any future inquiries or legal actions are supported by comprehensive documentation. Ultimately, this initiative by SERAP reinforces the principle that public institutions are accountable to the citizens for the stewardship of national resources, particularly in the face of reports detailing potential financial irregularities.

This development signals heightened legal and reputational risks for public institutions and officials in Nigeria regarding the management and accountability of public funds, particularly those highlighted in Auditor-General reports. Lawyers should advise clients on increased scrutiny, potential civil society litigation, and the need for robust internal controls and transparency in financial dealings with public entities to mitigate exposure to anti-corruption enforcement and public demands for accountability.

Source: Original reporting via Punch