The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN), demanding accountability for over N3 trillion of public funds, including N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
The suit, filed last week at the Federal High Court in Abuja (FHC/ABJ/CS/250/2026), follows revelations in the Auditor-General’s 2025 annual report, which highlighted alleged mismanagement, diversion, and unexplained expenditure by the CBN. SERAP is seeking a court order compelling the bank to provide detailed explanations on the whereabouts and utilization of the funds.
According to SERAP, the CBN’s alleged failures violate the Nigerian Constitution, the CBN Act, and anti-corruption standards, undermining public trust and the bank’s ability to perform its statutory duties. The organization emphasized Nigerians’ right to know how public funds are managed and urged the recovery and restitution of the missing monies.
The Auditor-General flagged multiple irregularities, including N1.4 trillion of unremitted government surplus, N784 billion in unpaid loans and interventions, over N125 billion spent on questionable activities, and contracts and purchases lacking proper documentation. SERAP argued that these lapses reflect systemic failures in transparency and accountability.
The suit is filed on behalf of SERAP by lawyers Oluwakemi Agunbiade and Valentina Adegoke. No hearing date has been scheduled.
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